Tuesday, Jan 3, 2012
WARSAW (Reuters) - Poland's new mining tax, which is to mainly fall on Europe's No.2 copper producer KGHM , is out of sync with global standards and should be reviewed to reflect production costs, the treasury ministry said.
Last month, the finance minstry published its proposed mining tax bill, to be discussed by government this month. The levy is to raise 1.8 billion zlotys ($524.2 million) this year and subsequently rise to 2.2 billion. ($1 = 3.4340 Polish zlotys)
(sourced Reuters)
Showing posts with label Poland. Show all posts
Showing posts with label Poland. Show all posts
Tuesday, January 3, 2012
Tuesday, November 1, 2011
ArcelorMittal halts Brazilian rolling mill expansion
Tuesday, 01 November 2011
Luxembourg-based ArcelorMittal has decided to temporarily stop the $1.2 billion expansion of its integrated João Monlevade steel mill in the Minas Gerais state in Brazil as a reaction to weak market conditions. The upgrades at the Brazilian longs mill include a new sinter unit, a new blast furnace, a third rolling line and an overall increase in annual wire rod output to 2.3 million metric tons. If completed, the expansion would double the mill's current crude steelmaking capacity to 2.4 million tons per year.
The decision comes amid other slowdowns/shutdowns at ArcelorMittal's global steelmaking facilities. The company has permanently closed its liquid phase steel production location in Liege, Belgium, temporarily halted production at a mill in Poland, idled a blast furnace in Germany and France, an electric arc furnace and two rolling mills in Luxembourg and an electric arc furnace in Spain. Anemic European steel demand drove ArcelorMittal's decision-making process.
ArcelorMittal also pulled out of the joint venture with Peabody Energy immediately following ArcelorMittal's and Peabody Energy's acquisition of the majority stake in metallurgical coal mining company Macarthur Coal.
Tags: wire rod , Poland , Germany , Belgium , Brazil , France , Spain , Luxembourg , ArcelorMittal , longs , Mediterranean , Europe , North America , South America , European Union , steelmaking , investments , production
sourced steelorbis
Luxembourg-based ArcelorMittal has decided to temporarily stop the $1.2 billion expansion of its integrated João Monlevade steel mill in the Minas Gerais state in Brazil as a reaction to weak market conditions. The upgrades at the Brazilian longs mill include a new sinter unit, a new blast furnace, a third rolling line and an overall increase in annual wire rod output to 2.3 million metric tons. If completed, the expansion would double the mill's current crude steelmaking capacity to 2.4 million tons per year.
The decision comes amid other slowdowns/shutdowns at ArcelorMittal's global steelmaking facilities. The company has permanently closed its liquid phase steel production location in Liege, Belgium, temporarily halted production at a mill in Poland, idled a blast furnace in Germany and France, an electric arc furnace and two rolling mills in Luxembourg and an electric arc furnace in Spain. Anemic European steel demand drove ArcelorMittal's decision-making process.
ArcelorMittal also pulled out of the joint venture with Peabody Energy immediately following ArcelorMittal's and Peabody Energy's acquisition of the majority stake in metallurgical coal mining company Macarthur Coal.
Tags: wire rod , Poland , Germany , Belgium , Brazil , France , Spain , Luxembourg , ArcelorMittal , longs , Mediterranean , Europe , North America , South America , European Union , steelmaking , investments , production
sourced steelorbis
Tuesday, September 27, 2011
JSW coking coal output may drop this year
Tuesday, 27 Sep 2011
Poland top coking coal miner JSW could see a drop in output to 12.5 million tonnes this year from 13.3 million tonnes in 2010
An accident earlier this year forced a cut in production at one of JSW's mines, but the miner expects output next year to rebound by 1 million tonnes following the restart of production on one of its walls.
Mr Andrzej Tor Deputy Chief Executive said "Despite unfavourable events in the first half of this year our actions will allow JSW to return to proper levels in the fourth quarter."
(Sourced from Reuters)
Poland top coking coal miner JSW could see a drop in output to 12.5 million tonnes this year from 13.3 million tonnes in 2010
An accident earlier this year forced a cut in production at one of JSW's mines, but the miner expects output next year to rebound by 1 million tonnes following the restart of production on one of its walls.
Mr Andrzej Tor Deputy Chief Executive said "Despite unfavourable events in the first half of this year our actions will allow JSW to return to proper levels in the fourth quarter."
(Sourced from Reuters)
Thursday, August 18, 2011
Poland to introduce coal excise duty
Thursday, 18 Aug 2011
The Polish government has confirmed that it will introduce an excise duty on thermal and coking coal next year.
Finance ministry said that coal producers will pay a duty of about PLZ 1.3 /1GJ from January 1, although the calorific value will determine the amount of tax to be paid.
Poland was previously exempt from the excise duty when it joined the EU in 2004. But the European Commission now wants to introduce new rules for taxing energy products. Coal used for energy production may be excluded from the excise duty, but the details have not been confirmed, according to proposed EU legislation.
It is still unclear whether the excise duty will affect export prices.
A broker said that “As far as we know, Polish coal prices will definitely increase as of January 2012. But it is difficult to speculate whether that will affect export prices.”
(By Argusmedia)
The Polish government has confirmed that it will introduce an excise duty on thermal and coking coal next year.
Finance ministry said that coal producers will pay a duty of about PLZ 1.3 /1GJ from January 1, although the calorific value will determine the amount of tax to be paid.
Poland was previously exempt from the excise duty when it joined the EU in 2004. But the European Commission now wants to introduce new rules for taxing energy products. Coal used for energy production may be excluded from the excise duty, but the details have not been confirmed, according to proposed EU legislation.
It is still unclear whether the excise duty will affect export prices.
A broker said that “As far as we know, Polish coal prices will definitely increase as of January 2012. But it is difficult to speculate whether that will affect export prices.”
(By Argusmedia)
Saturday, August 13, 2011
ING Polish pension fund acquires 8pct in Coal Energy with Ukrainian assets
Saturday, 13 Aug 2011
Interfax reported that ING Polish pension fund has acquired 8.5% of the shares in Luxembourg based Coal Energy SA which has consolidated assets of Ukrainian coal enterprise NPO Mekhanik. The fund did not own shares in the company prior to this acquisition.
Coal Energy plans to boost coal production by 81.25% for this financial year to 2.9 million tonnes in comparison with the last financial year that ended on June 31, 2011.
During the company's initial public offering on the WSE raised PLN 225 million. The funds raised will likely be earmarked for the first stage of the company five year development program the total value of which comes to USD 287 million as well as the purchase of new licenses and mines.
Coal Energy unites ten Ukrainian coal mines and facilities for working stock heaps and enrichment. The company sells coal to thermal energy companies, coking chemicals outfits, cement plants and municipalities. It also exports product to Bulgaria, Slovakia, Moldova and Turkey.
(Sourced from Interfax)
Interfax reported that ING Polish pension fund has acquired 8.5% of the shares in Luxembourg based Coal Energy SA which has consolidated assets of Ukrainian coal enterprise NPO Mekhanik. The fund did not own shares in the company prior to this acquisition.
Coal Energy plans to boost coal production by 81.25% for this financial year to 2.9 million tonnes in comparison with the last financial year that ended on June 31, 2011.
During the company's initial public offering on the WSE raised PLN 225 million. The funds raised will likely be earmarked for the first stage of the company five year development program the total value of which comes to USD 287 million as well as the purchase of new licenses and mines.
Coal Energy unites ten Ukrainian coal mines and facilities for working stock heaps and enrichment. The company sells coal to thermal energy companies, coking chemicals outfits, cement plants and municipalities. It also exports product to Bulgaria, Slovakia, Moldova and Turkey.
(Sourced from Interfax)
Monday, July 25, 2011
Polish coal exports down in H1
Monday, 25 Jul 2011
Polish coal exports fell sharply in the first half of this year, as the country's production continued to decline and domestic demand increased.
Poland's leading exporter Weglokoks exported 4.3 million tonne in the first half of this year, just half the level of its exports in the same period one year earlier. The decline represents a major U turn from the upward trend in Polish exports last year, with total exports rising by around 30% to 8.7 million tonne. The decline has affected all types of coal, but thermal coal exports were hit particularly hard.
The Polish firm said that Weglokoks shipped only 2 million tonne of thermal coal in January to June, a 54% decline year on year. Exports of coking coal declined less dramatically by 27% year on year to 389,000 tonne.
According to Weglokoks figures, in terms of transport, the decline in exports particularly affected seaborne deliveries but rail transport also fell. Seaborne deliveries dropped by 62% on the year to less than 1.2 million tonne. Rail shipments declined by 35% to 840,000tonne.
According to Polish economy ministry figures, the trader is declining shipments as it receives less coal from domestic producers. Polish coal production fell by 5% on year in January to April this year with the decline mainly affecting thermal coal.
(sourced ArgusMedia)
Polish coal exports fell sharply in the first half of this year, as the country's production continued to decline and domestic demand increased.
Poland's leading exporter Weglokoks exported 4.3 million tonne in the first half of this year, just half the level of its exports in the same period one year earlier. The decline represents a major U turn from the upward trend in Polish exports last year, with total exports rising by around 30% to 8.7 million tonne. The decline has affected all types of coal, but thermal coal exports were hit particularly hard.
The Polish firm said that Weglokoks shipped only 2 million tonne of thermal coal in January to June, a 54% decline year on year. Exports of coking coal declined less dramatically by 27% year on year to 389,000 tonne.
According to Weglokoks figures, in terms of transport, the decline in exports particularly affected seaborne deliveries but rail transport also fell. Seaborne deliveries dropped by 62% on the year to less than 1.2 million tonne. Rail shipments declined by 35% to 840,000tonne.
According to Polish economy ministry figures, the trader is declining shipments as it receives less coal from domestic producers. Polish coal production fell by 5% on year in January to April this year with the decline mainly affecting thermal coal.
(sourced ArgusMedia)
Sunday, January 30, 2011
Poland could float coal miner JSW as early as May
Sunday, 30 Jan. 2011By Geoffrey T. Smith and Marynia Kruk
DAVOS, Switzerland (Dow Jones)--Poland could float state-owned Jastrzebska Spolka Weglowa SA, the European Union's largest coking coal miner, as early as May this year, though the structure of the stake sale is still to be determined, the undersecretary of the treasury, said Friday.
"We're testing various scenarios aiming to float sometime around May or June," Krzysztof Walenczak told Dow Jones Newswires during an interview at the annual World Economic Forum. The initial public offering of JSW could be the largest on the Warsaw Stock Exchange in 2011, though analysts' valuations of the company vary widely, from six billion zlotys ($2.1 billion) to nearly PLN16 billion.
Coking coal has become a hot commodity lately, especially after floods in Australia's Queensland state hit output of the commodity which is mixed with iron ore in blast furnaces to produce steel. Australia provides about two-thirds of all seaborn coking coal.
Poland is in the midst of a privatization drive which is aiming to raise at least PLN15 billion from asset sales this year, after having raised PLN22 billion last year, according to the Treasury Ministry's website.
JSW's valuation could be buoyed by interest from a potential "natural" acquirer from across the border, Czech-based coking coal producer New World Resources (NWR.LN), Pawel Puchalski, an analyst at BZWBK in Warsaw, said Friday.
NWR, which already has two existing projects in Poland, launched a failed takeover bid for Lubelski Wegiel Bogdanka SA (LWB.WA), Poland's only listed coal miner, last year. The company has been able to seek acquisitions because of improved cash flow on soaring demand for coking coal by central European steel makers.
However, JSW's trade unions would likely oppose a bid by NWR. Analysts say JSW could cut about a third of its headcount if it upgraded the equipment it uses the way NWR has.
JSW's Chief Executive Jaroslaw Zagorowski was quoted as saying in state news agency PAP in early January that the listing could be worth between PLN3 billion and PLN5 billion, with the Treasury retaining a 51% stake and employees receiving shares.(sourced:Dow Jones Newswires)
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