JSW closes acquisition of Knurow-Szczyglowice mine
August 4, 2014
Coal miner JSW finalized the PLN 1.49 billion purchase of Knurow-Szczyglowice mine in southern Poland from state-owned miner Kompania Weglowa, the firm said in a press statement on Friday.
JSW plans to continue the current operations of the mine, according to the statement.
The move will allow to increase resource base by 65% and to raise the production to 18.5 million tons of coal a year as of 2019, JSW said. The profitability of Knurow-Szczyglowice will also improve, thanks to investments aimed at boosting coking coal share to 80% of the total output over the next few years.
The mine has production capacity of 3.8 billion tons of coal, including 40% of coking coal and sports total reserves of 1.26 billion tons, operational reserves of 375 million tons, including 119.7 tons covered by current concessions.