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Poland Mining Report Q1 2012
Market |
Agriculture, Farming & Raw Materials |
Report Type |
Market Research |
Country |
Poland |
Published |
31 January 2012 |
Number of Pages |
66 |
Download |
|
Immediate |
|
Publisher |
Business Monitor International |
File Format |
Polands mining sector looks likely to change fundamentally over the coming years owing to the governments privatisation drive. Indeed, the cash-strapped country is in a hurry to spin-off state assets. BMI forecasts that Polands mining sector will achieve real year-on-year (y-o-y) growth of 4.4% to reach a value of PLN32.17bn (US$10.90bn) in 2011, followed by 3.6% in 2012, when we predict the total value of the mining sector will be PLN34.26bn (US$11.61bn).
Having pumped large sums of money into Polands troubled coal sector, the government is now hoping to cash in with the sale of Jastrzebska Spolka Weglowa (JSW), Polands largest coking coal producer. Despite meeting resistance from striking workers in April 2011, the initial public offering (IPO) went ahead once terms were agreed in June. In total, the government is expecting to raise PLN5.8bn, with one-third of the company to be sold on the open market. However, there are a number of challenges, not least the shaky global economic picture and the poor precedent set by the lacklustre Bank Gospodarki Zywnosciowej (BGZ) privatisation earlier in 2011. The Polish treasury raised just US$113.7mn from the IPO for BGZ, which equates to about 22% of the maximum it could have raised from the offering.
The treasury managed to sell 5.2mn shares in the bank as part of the governments plans to sell its 37% stake (16mn shares). Copper producer KGHM Polska Miedz nearly tripled its net profit for Q111, reported Steelguru, with profits for the quarter reaching US$709mn. The state-controlled miner said that its sales jumped by more than 46% to US$1.72bn at the same time as copper prices surged.
Dutch miner New World Resources (NWR) has announced that it has received approval from its board of directors to extract coal from the Debiensko mine in Poland. A feasibility study indicates that the mine has a reserve of 190mn tonnes of coal, allowing for average annual production of 2mn tonnes. NWR expects the first coal to be extracted from the mine in 2017. Total investment in the project will reach EUR411mn, which is modest compared to typical investments in mines, and appears to be a good value in our view, considering that NWR has a 50-year licence to mine the resource. NWR is also looking to mine coal at a number of additional coal seams at the site, with approval expected in 2012.
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