Polish coal mine Bogdanka ups coal extraction by 4.2% y/y to 4.25mn tonnes in H1

By bne IntelliNews July 4, 2014

Polish blue-chip mining firm Bogdanka extracted 4.25mn tonnes of hard coal in H1 of 2014, which is up by 4.2% y/. In Q2 alone, its output inched down to 2.02mn tonnes from 2.05mn tonnes a year before, which the firm attributed to focusing on higher quality coal till its new coal processing facility ZPMW is launched.

Bogdanka's president Zbigniew Stopa said that after this launch, which is due in Q4 of 2014, output volumes should rise, translating into better financial results. Earlier, the company planned to increase its output by at least 1mn tonnes y/y in the entire 2014, to reach 9.3-10.0mn tonnes.

Stopa also announced that in H1 of 2014, Bogdanka sold 4.33mn tonnes of coal, up by 13.6% y/y, while in Q2 alone, sales inched down to 2.10mn tonnes.

The company underlines it is focused on implementing its strategy for 2013-2020 announced in June of 2013, whose key assumptions include completion by 2015 of the investment programme with a view to doubling the extraction compared to 2011 and a two-fold increase in its operating resources in the Lublin Coal Basin, and thus extension of the mine's operating life to around 2050.

Bogdanka extracted 8.35mn tonnes of hard coal in 2013 vs. 7.79mn tonnes in 2012 and 5.84mn tonnes in 2011.

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