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The Warsaw Voice » Business » November 3, 2017
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PGG in serious troubles
November 3, 2017   
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Poland's largest coal mining group PGG will likely end the year with 27 mln ton production, well below the 32 mln initial target, largely on account of slowed investments, according to corporate production reports reviewed by the daily Dziennik Gazeta Prawna.
PGG has halted or delayed all investments ion the mines it acquired in the merger with defunct rival KHW, cutting capex from a plan of PLN 700 million to PLN 200-300 million, an unnamed insider tells the daily. Unions are pressing their way towards a strike at the Ruda mine with a November 7 referendum now on the schedule.
The company needs PLN 560 million for December wage and bonus payments and may dip in to accounts on line for financing.
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