http://nettg.pl/news/156165/jsw-przechodzi-do-kolejnej-fazy-rozmo...

http://nettg.pl/news/156165/jsw-przechodzi-do-kolejnej-fazy-rozmow-z-prairie-mining

The fact that Prairie Mining appeared on the international arena with claims against the Polish government estimated at PLN 8-10 billion did not change the interest in its takeover by Jastrzębska Spółka Węglowa. - We are moving to the next phase of talks - says Daniel Ozon, president of JSW.

Australians have two projects in their portfolio. The first is the reactivation of the Dębieńsko mine in Czerwionka-Leszczyny, the other is the construction of the Jan Karski mine in the Lublin region. However, according to representatives of Prairie Mining, the Polish government has torpedoed the procedure of access to deposits and construction of new mines. Hence the decision on international arbitration and Prairie Mining's claim estimated at PLN 8-10 billion.

As pointed out by Daniel Ozon, president of JSW, the mining company is still interested in taking over Prairie Mining and is in talks with Australians.

- We are moving to the next phase of talks. The next weeks of intense work are ahead of us. I have several visits to London during which meetings with advisers who help us in these conversations are planned. In the next stage we will talk with the main shareholders of Prairie Mining - emphasizes the head of JSW.

Ozon counts that the mechanism on how JSW could take over the Australian company will be worked out in March or April. Most likely, the takeover of the controlling stake would be involved by purchasing a new share issue of Prairie Mining. As the President of JSW argues, one of the main topics of the talks will be the valuation of shares that would be accepted by both parties.

- In addition, it would be necessary to withdraw the international claim announced by an Australian investor. I can not imagine that the State Treasury company we are, with 55 percent. participation of the state, having control over Prairie Mining was also in dispute with the State Treasury. I believe that we can be a catalyst for the resolution of this international dispute and lead to the takeover of control over these assets - says the head of JSW.

As Ozon adds, JSW is still interested in both Prairie Mining projects. It would be easier and potentially faster to start mining in Czerwionka Leszczyny. In the first phase, JSW could reach for coal using the underground infrastructure of the Szczygłowice movement, part of the Knurów-Szczygłowice mine. Dębieńsko has 35 coking coal (hard).

- Jan Karski, on the other hand, has semi-soft coal resources. I want to emphasize how sensitive this product is. After the tragedy at Rydułtowy in January and February in Szczygłowice, we have a very large shortage of semi-soft coals on the Polish market. Our coking plants and coking plants, which operate on the Polish market, had to be a few percent. reduce production due to the lack of availability of coals necessary for optimal blends in coking - marks Ozon

Most positive article for a while. Comment on Jan Karski is interesting