Polish Treasury to buy “bad assets” coal mines of Tauron

By the end of this year, the State Treasury wants to purchase from the Tauron energy group all shares in Tauron Wydobycie, which comprises three coal mines belonging to the Group. On Wednesday, Tauron signed a letter of intent on this matter with the Ministry of State Assets.

The takeover by the State Treasury of shares and interests in three mining companies – Polska Grupa Górnicza, Tauron Wydobycie and Węglokoks Kraj – is an element of organizing the ownership structure of the hard coal mining industry in connection with the program assuming public aid for the coal sector during its gradual phasing out until 2049.

Currently, Tauron Wydobycie, which brings together three mines (Janina, Sobieski and Brzeszcze), belongs to the Tauron energy group, and Węglokoks Kraj (the company managing the Bobrek mine in Bytom) belongs to Węglokoks – a State Treasury company in Katowice.

The shareholders of Polska Grupa Górnicza – the largest producer of hard coal in the EU – are domestic energy groups, Węglokoks and Towarzystwo Finansowe Silesia. The MAP plan provides for the acquisition of all stocks and shares in these companies by the State Treasury.

“The date of the transaction will be influenced by the currently conducted by the Polish government the process of notifying public aid in the European Commission for the coal mining transformation program” – said acting President of Tauron Artur Michałowski.

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