Polish stocks are on a tear this week after a top court made a mining-friendly tax ruling.
Bloomberg reports that Polish stocks climbed for a second day, with the benchmark index heading for the biggest advance in a week, as coal and copper producers jumped after the Constitutional Tribunal ruling on mining taxes:
“The court ruled that mining excavations should not be considered as construction works and should be free of real-estate taxes.”
Shares of Lubelski Wegiel Bogdandka SA (LWB), Poland’s second largest publicly traded coal producer, soared 4.6% to 112.9 zloty in the biggest intraday gain in a week, Bloomberg said, with the company now able to save some 73 million zloty ($23 million) it had previously reserved for taxes.
Jastrzebska Spolka Weglowa SA, the EU’s largest coking-coal miner, also booked gains of 435 million zloty due to the tax ruling, adding 1.2 percent to its shares. Shares of Poland’s only copper mining company, KGHM Polska Miedz SA (KGHM), posted a 1.4% gain to 160 zloty for the highest close this week, said Bloomberg.
