EPH signs accord on buying Polish Czechowice-Dziedzice Silesia coal mine.

By bne IntelliNews June 30, 2010
Local energy holding Energeticky a Prumyslovy Holding (EPH) has signed a preliminary agreement for buying Polish coal mine Czechowice-Dziedzice Silesia from Polish coal miner Kompania Wglowa (KW), daily E15 reported. EPH is acting in consortium with Silesia mine employees under the name Przedsiebiorstwo Gornicze Silesia, which have reportedly finalised negotiations with KW. The price of the deal has not been disclosed, but according to some estimates will be significantly below PLN 111.5mn (CZK 691.5mn), the price at which the mine was valued some years ago. Some technical formalities like the transfer of existing concessions to EPH remain to be solved before the transaction is finalised. EPH plans to invest a few hundreds millions PLN in the mine, which has coal deposits of some 100mn tonnes, and achieve coal production of 2mn tonnes per year, company director for energy sector development Tomas David announced. EPH was established by financial groups J&T and PPF - each of them controls a 40% stake, while former J&T partner Daniel Kretinsky holds 20%.

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