Turkey top envoy goes to Niger in bid to secure uranium supplies
The trip comes after Niger’s military government withdrew mining rights from Canadian and French companies to develop uranium deposits.
WARSAW, Dec 20 (Reuters) – Polish miner JSW, the European Union’s biggest coking coal producer, plans to invest 18.9 billion zlotys ($5.33 billion) by 2030 to increase its coal output capability, it said on Wednesday.
The state-run company nearly collapsed in 2015 on a slump in coking coal prices and embarked on a restructuring plan, selling some of its assets and offloading a loss-making mine.
JSW said it wants to increase its total coking and thermal coal output to 18.2 million tonnes in 2030 from 15.6 million expected in 2018, and it sees its average EBITDA (earnings before interest, tax, depreciation and amortisation) margin at 30 percent in 2018-2030.
By 2020, coking coal will make for more than 85 percent of JSW total coal production.
JSW, which is considering issuing bonds in the United States and at home at the start of next year, also said that it plans to completely buy back its current bonds by 2019 and keep the net debt to EBITDA ratio to below 2.5.
In a separate statement late on Tuesday JSW said that it plans to reverse the 1.3 billion zloty impairment related to a dispute with its retired workers over coal-equivalent cash payments, which will have a positive impact on its results in the fourth quarter.
Shares in JSW rose 1.6 percent by 0829 GMT on the Warsaw Stock Exchange.
($1 = 3.5480 zlotys)
(Reporting by Agnieszka Barteczko; Editing by Marcin Goclowski and Louise Heavens)
