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Poland's JSW seeks ministry approval to buy Prairie Mining assets - Mr Ozon

Coal News - Published on Fri, 21 Sep 2018

Image Source: ET EnergyWorld
Reuters quoted JSW as saying that Poland's state-run JSW is awaiting approval from the Energy Ministry in its bid to acquire the Polish mining assets of Australia's Prairie Mining. Prairie Mining has been developing coking coal projects at the Jan Karski mine in southeast Poland and the Debiensko mine in Silesia, Poland's industrial heartland in the south. JSW has said it wants to increase its coking coal output. Mr Daniel Ozon CEO of JSW that "We maintain that we would like to take over Prairie Mining assets, however we still need to obtain the owner's approvals, which means that the Energy Ministry opinion is necessary. This is why it is unlikely that the whole process of assessing Prairie Mining assets will finish in September.”

He hoped the process would be completed in October. He did not give a value for any transaction. Prairie Mining has a market capitalisation of USD 57 million.

Sources said JSW, which has been in talks on cooperation with the Australian firm for much of this year, wanted a controlling stake in Prairie Mining to tighten its grip as the EU's biggest coking coal miner.

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Posted By : Rabi Wangkhem on Fri, 21 Sep 2018
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