PRLog (Press Release) – Jul 26, 2011 – The outlook for Poland's mining sector looks likely to change fundamentally in 2011 due to the government's privatisation drive. Poland is eager to sell the family silver. Indeed, the cash-strapped country is in a hurry to spin-off state assets, and with good reason: Warsaw is acutely aware of the public unease privatisations will create in the run-up to the upcoming October 2011 general elections. Having pumped large sums of money into Poland's troubled coal sector, the government is now hoping to cash in with the sale of Jastrzebska Spolka Weglowa (JSW), Poland's large trash bins r.info">garbage compactor review st coking coal producer.
However, this has been met with determined resistance from workers, who went on strike in April 2011, before finally agreeing terms in June, allowing the initial public offering (IPO) to go ahead. 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 lack-lustre 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 government's plans to sell its 37% stake (16mn shares).
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Copper producer KGHM nearly tripled its net profit for Q111, reported Steelguru. Profits for the quarter reached US$709mn. The state-controlled miner said that its sales jumped by over 46% to US$1.72bn at the same time as copper prices surged.
Meanwhile, Dutch miner NWR has announced that it has received approval from its board of directors to extract coal from the Debiensko mine in Poland. The mining company has completed a feasibility study for the project and expects to break ground before the end of 2011. 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 good value 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.
BMI forecasts that Poland's 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).
Report Table of Contents:
SWOT Analysis - Poland Political SWOT - Poland Economic SWOT - Poland Business Environment SWOT Global Mining Outlook - Table: Selected Companies' Q111 Production Results - Table: Recent Attempted Acquisitions - Table: Government Intervention - Table: Other Developments Industry Trends And Developments - Table: Mines In Poland - Environmental Protection Key Projects - Metals - Copper - Nickel - Bauxite And Aluminium - Minerals - Coal Mining Business Environment Ratings - Table: Europe Mining Business Environment Ratings Political Environment Poland's Mining Industry Forecast - Table: Poland's Mining Industry, 2008-2015 Regulatory Structure And Developments Competitive Landscape - Table: Key Players In Poland's Mining Sector Company Monitor - KGHM Polska Miedz SA - Jastrzebska Spolka Weglowa SA - Kompania Weglowa Commodities Forecast - Aluminium - Copper - Gold - Lead - Nickel - Tin - Zin manual trash compactor c Global Assumptions - Table: Global Assumptions, 2009-2015 - Table: Regional Real GDP Growth, 2010-2013 (% chg y-o-y) - Table: Selected Exchange Rates, 2010-2013 (average) - Developed States - Table: Developed States' GDP Growth, 2010-2013 (% chg y-o-y) - Emerging Markets - Table: Emerging Market's GDP Growth, 2010-2013 (% chg y-o-y) - Consensus Forecasts - Table: Consensus Forecasts, 2011 And 2012 Business Environment Ratings Methodology - Table: Mining Business Environment Indicators - Table: Weighting Of Components
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