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Advisory article

Poland says ZE PAK utility sole bidder for lignite mines

TAG'S: Energy

Poland`s treasury ministry is to continue negotiations on the sale of an 85 percent stake in lignite coal mines Konin and Adamow to power group ZE PAK, their major customer, which is also being privatised, the ministry said on Thursday. The ministry said in January it was considering two bids for the mines, with the other coming from Spolem Plus, a firm which the local media have linked to unidentified Israeli and U.S. capital. Konin and Adamow are among four lignite mines operating in Poland, a European Union member which obtains 33 to 35 percent of its energy needs from lignite, which is in turn the second most important source of energy after hard coal. In 2010 the Konin mine posted a net profit of 32 million zlotys ($10.05 million), with earnings before interest, depreciation and amortisation (EBITDA) of 102 million on revenue of 603 million zlotys, according to information available on the ministry`s website. The smaller Adamow mine posted a net profit of 10 million zlotys, EBITDA of 36 million and revenue of 298 million zlotys in 2010. ZE PAK, in which the state holds a 50 percent controlling interest, is due to be listed on the Warsaw Stock Exchange at the end of September or early in October this year, Treasury Minister Mikolaj Budzanowski said earlier on Thursday.

2012-03-29



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