Polish Coal Miner Kompania Weglowa to Invest
Europe’s largest coal producer, Poland’s Kompania Weglowa, intends to invest PLN 9 billion by 2015 to increase its coal production capacities to 49 million metric tons per year (mtpy), Interfax reported. Currently Kompania Weglowa extracts some 46 million mt of coal a year. Since Kompania Weglowa’s creation in 2003 the company has had to decrease its coal production by 9 million mt a year in order to adjust to the market conditions. Kompania Weglowa will invest PLN 7 billion out of its own coffers, while the remaining PLN 2 billion will come from external sources. The company earmarked PLN 950 million in 2008 for investments and plans to invest more than PLN 1 billion annually in the following years. As of 2013, the investment level is seen increasing to PLN 1.5 billion annually. Kompania Weglowa will invest in new coal deposits in currently existing coal mines.