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Polish miner PGG posts profit leap on higher coal prices - Mr Rogala

Coal News - Published on Wed, 20 Mar 2019

Image Source: Reuters
Reuters citing, Chief Executive Mr Tomasz Rogala, Poland’s biggest coal miner PGG net profit jumped to PLN 493 million in 2018 from 86 million a year earlier, driven by higher coal prices. The state-run miner, which almost collapsed in 2015 amid low coal prices and high labour costs, also expects to increase investment to PLN 3.2 billion this year from 2.4 billion last year.

Mr Rogala said in explanation of its expected increase in capital expenditure “Poland’s energy strategy stabilises our position as coal supplier.”

However, a draft version of Poland’s long-term energy strategy unveiled in November lays out plans to reduce the share of coal in power production to about 60 percent by 2030 from roughly 80 percent now, with the energy ministry expecting a significant rise in power consumption.

Source :

Posted By : Rabi Wangkhem on Wed, 20 Mar 2019
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