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Warsaw June 12th
Trade Unions at Poland's state run coal miner JSW called on Wednesday for the country's energy minister to be dismissed, after he fired the miner's CEO following a dispute about strategy.
The energy ministry sacked Daniel OZON who had been CEO of the EU's biggest coking coal producer since 2017.
We demand the dismissal of energy minister Krzysztof Tchorzewski as well as dismissing all members of the supervisory board appointed by the ministry, ' The heads of JSW trade Unions said in a letter sent to Prime minister Mateusz Morawiecki and published on one of the union's websites.
Ozone's dismissal has also added to broader investor concerns about interference by the nationalist Law and Justice (PiS) government in state run and listed companies.
Quote
"The Ministry of Energy has instructed JSW's management to prepare the analysis on the aquisition of only Debienska leaving Bogdanka with possible investments in the planned Jan Karski mine.
From what i can make out the energy ministry did not like the suggestions put forward by Ozon.
Something will have to give sooner or later as we have wasted far too long with negotiations with JSW and are still nowhere near an agreement.
A RNS in 2016 stated that the Polish government was eager to support investments that enhance the raw materials independence of the country which contributes to its energy security, It was about this time that the Polish mining industry was introduced to roof bolting technology by Prairie and Poland implemented it to improve mine profitability, safety and maximise resource extraction. If they are not happy with foreign investor's having a stake in a state run firm they have two alternatives. 1/ buy us out completely or let us get on with developing the mine. We have shared technology over the last couple of years to up date their mining techniques and the Polish government have done everything they can to frustrate
the development of both mines that we have. In 2015 they had the chance to take over the New World Resource instead of PRAIRIE and were not interested as a lot of the mines in Poland were losing money due to the price of coal and coking coal
at that time. Now it is profitable they are playing hard ball to get them on the cheap and don't want to pay the going price. Without Prairie's know how they would not be as valuable as they are today. Let the CEO of JSW get on with his job and the Polish government get on with theirs otherwise we give them an ultimatum and if not met go to the International courts for compensation.
Yep, digging an even big a hole for themselves- crabs in a basket while the bod just chill and relax watching
Looks like they are having another go at getting rid of the CEO of JSW.
Ministry not happy with his involvement over Prairie interest.
Maybe they will come to the same conclusion as us and see them in the courts.
It seems we are not the only one experiencing problems with the Polish Hierarchy.
Balamara had hoped to see a mining licence issued in the 1st quarter of 2019 for its Now Ruda mine.
" We have experienced a significant delay within the process to grant the final permit needed to develop the Nowa Ruda mine"
As a result and as previously advised on 12 April 2019, the Company has today issued 500,000 Performance Rights (expiring 30 September 2020) to Selwyn Capital Limited (a nominee of Mr Ben Stoikovich), which vest subsequent to securing a new strategic investor.
Up 3.5% on 19k shares and NT for over 10k shares.
What does it say?
Cheers
https://gornictwo.wnp.pl/jsw-chce-nowych-kopalni-liczy-na-pieniadze-z-londynu-i-australii,345635_1_0_0.html
Up 14.67% on no trades, think what this might do on one trade !!!!!!
Showing up
Boooooooooooooommm!!
Something big about to drop
https://af.reuters.com/article/commoditiesNews/idAFL5N22P591
The article states that Bogdanka is not allocating any capital to K6-K7 (for development) while they await the decisions of the Ministry of the Environment.
Latest news is that Bogdanka not interested in Jan Karski
https://m.bankier.pl/wiadomosc/Bogdanka-czeka-na-decyzje-ws-zloza-K6-K7-nie-zaangazuje-sie-kapitalowo-w-projekt-Jan-Karski-wywiad-7659065.html
Do apologise- wrong bb
Proactive:: Among the achievements was a Series A funding round for Glycotest which valued the blood test maker at US$25mln. NetScientific’s stake in that is worth around US$13mln on its own, whereas its market cap is less than US$27mln despite it having several other investments. Another portfolio company, PDS, announced this morning it is merging with Edge Therapeutics, while Vortex has started to commercialise its VTX-1 liquid biopsy. Mcap - 7m hardly overvalued
And with this current impasse, all that massive profit will be locked in the ground for many many years. Everyone ‘s a loser including the whole EU steel industry- no doubt there is EU lobbying to sort this mess out.
sible Prairie and JSW Co-Operation
· Following JSW's due diligence at both Jan Karski and Debiensko, Prairie and JSW signed an extension to a non-disclosure agreement during the quarter in order to discuss a deal structure and commercial terms for any co-operation or transaction and for the adaption of mine plans for both Debiensko and Jan Karski to align with JSW's development concepts to maximise potential synergies using JSW's current infrastructure.
· JSW estimates such synergies could potentially enable production within 18 months from all relevant permits and concession amendments being granted.
· Discussions between Prairie and JSW have been ongoing with JSW reporting that it would like to agree the basic terms of a potential transaction with Prairie by the end of April 2019.
In order for JSW to start extracting from Prairie deposits within 1.5-2 years, it is necessary to "quench" all court disputes and not "create" new processes. Currently, all parties, including JSW, Prairie, but also the State Treasury and Bogdanka blocked each other for a few years. I do not think anyone understands that in the Treasury. I wonder if the changes in the position of the World Championships will continue to be seriously treated by the Prairies with JSW. The simplest solution is JSW agrees with Prairie regarding both deposits and then controlling Prairie (eg by taking up new shares), he gets along with Bogdanka. That way everyone is happy. Australians are waiting a few years to build mines on both fields, the price of the shares is growing and everyone is making a good profit.
https://gornictwo.wnp.pl/jsw-ma-nowy-zaklad-gorniczy-rada-nadzorcza-zajmie-sie-prairie-mining,344197_1_0_0.html
- We have no way out, we have to go for a good quality coal - says Pawel Kolodziej, chairman of the Trade Union of Miners of Jastrzebska Spólka Weglowa, for the WNP.PL portal. - Bzie-Debina Mine has been granted the status of a mining plant. This will be the next unit that will extract coking coal in the future - indicates Pawel Kolodziej.
Coking coal is on the EU list of 27 critical raw materials (Critical Raw Materials for the EU) and therefore hardly substitutable and of the utmost importance to the Community. The mines of Jastrzebska Spólka Weglowa (JSW) cover as much as 30 percent. European Union demand for coking coal.
On the other hand, Jastrzebska Spólka Weglowa and Prairie Mining are discussing the Prairie projects: Debiensko in Upper Silesia and Jan Karski in the Lublin region. In February 2019, the companies extended until 28 September 2019 the date of the agreement on establishing potential cooperation on coal projects in Poland.
- I would like these conversations to end positively and that an agreement should be reached - says Pawel Kolodziej. - We are waiting for the owner's decisions in this matter, the matter will be raised on the nearest supervisory board - he points out.
https://youtu.be/KiqzBwMdPtA Worth 13 mins over the hols if not seen before