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JSW: A decision soon on Prairie Mining’s #PDZ assets
JSW assumes that by the end of July it will decide on the assets of Prairie Mining – informed the president Daniel Ozon. “I assume that by the end of July we will be after full analysis and technical reports and reports from legal and financial advisors and at the end of July we will probably make such a decision “– said the president of JSW.
At the end of March, JSW reported on the conclusion of an agreement with Prairie Mining on the potential establishment of cooperation on Prairie coal projects in Poland
. Prairie was to provide information about the coking coal mining project in the Dębieńsko-1 concession and information about the Jan Karski project in the Lublin Coal Basin. “For several weeks, including advisors, we have audited these concessions and are investigating the state of their legal status,” Ozon said.
He added that it is not simple, among others due to disputes with Bogdanka’s management regarding Jan Karski. “The next stage we would possibly go through is price-related issues and price negotiations, if we find out that these assets are interesting to us,” he said. He repeated that there are various scenarios: cooperation with Prairie Mining, takeover of one or both projects or total abandonment of these concessions.
Ozon informed that, theoretically, for the Dębieńsko-1 deposit, JSW can reach from the Szczygłowice mine. The total resources of this deposit are estimated at 301 million tonnes, and the resources shown to be acquired at 93 million tonnes. The planned service life is about 50 years.
“Potentially, we could consider the scenario that in the first phase of exploitation we are able to extract coal without the need to build a shaft and infrastructure, using the Szczygłowice infrastructure, and at the same time build the shaft to start production at full steam around 2-2.5 million tonnes annually, “said Ozon.
“The Dębina concession in potentially two stages of accessibility is interesting for us, because it enables fairly rapid entry into decks and production in the first phase, without major investment outlays, to 0.5 million tonnes of coal,” added JSW.
He informed that in the case of the Jan Karski mine project, total resources are estimated at 728 million tons of coal, and resources indicated for acquisition at 352 million tons. JSW informed PAP Biznes several weeks ago that after the results for the first half of the year the company could enter the US market with the issue of bonds and ends talks with banks regarding a syndicated loan in the amount of approx. PLN 1 billion in refinancing on the domestic market.
On Friday, Ozon said the issue of bonds is being analyzed. “As for debt refinancing, in the summer we should finalize a five-year syndicated loan,” said Ozon.
Polish Press Agency
Original article here
JSW – Current Stock Market Report No. 8/2018. Information on the results of tests for asset impairment
Information on the results of tests for asset impairmentContents of the report:
The Management Board of Jastrzębska Spółka Węglowa SA informs that the analysis of the main premises demonstrating the possibility of impairment of the carrying amount of JSW’s assets has been completed, in accordance with the provisions of IAS 36 Impairment of Assets .
The results of tests carried out by JSW indicate impairment of the carrying value of non-current assets in the coal segment, ie the assets of the “Knurów-Szczygłowice” and “Budryk” hard coal mines in the total amount of PLN 759.1 million.
The write-off will decrease the operating result of JSW and the Capital Group, however, it will not affect the liquidity situation. The final value of the write-down will be presented in the separate and consolidated financial statements of JSW and the JSW Capital Group for 2017, respectively.
At the same time, the Company informs about the carried out test for impairment of the carrying amount of financial assets, i.e. shares in JSW KOKS SA
The results of tests carried out by JSW indicate the loss of value of JSW KOKS shares in the amount of PLN 113.4 million.
The write-down will decrease the operating result of JSW, however, it will not affect the liquidity situation of the Company. The final value of the write-down will be presented in the separate JSW report for 2017, without impact on the consolidated financial results of the JSW Capital Group for 2017.
At the same time, the Company informs that the values presented above are estimates and are subject to change.
Legal basis: art. 17 sec. 1 of the Regulation of the European Parliament and of the Council (EU) No. 596/2014 of 16 April 2014 on market abuse and repealing Directive 2003/6 / EC of the European Parliament and of the Council and Commission Directive 2003/124 / EC, 2003/125 / EC and 2004/72 / EC