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JSW coking coal works on Prairie Mining #PDZ asset valuation, further decisions likely in mid-Sept _ PAP Business

Listed coking coal miner JSW is working on the asset valuation of peer Prairie Mining #PDZ and expects to announce its further decisions on the subject in mid-September, CEO Daniel Ozon told reporters.

“The legal audits are being finalized and, together with advisors, we are working on asset valuation,” Ozon said, adding that the completed technical audits of the projects Debiensko and Jan Karski showed that both these projects meet JSW’s expectations as to the quality of coal.

“We will be informing of further steps likely in mid-September,” Ozon also said.

In July Ozon said JSW expected to make a decision on possible cooperation with Prairie Mining or purchase of Prairie assets by the end of August.

In early June Ozon told PAP JSW is in talks with Prairie Mining regarding potential investment in Prairie assets. JSW’s options include taking over Prairie Mining as a whole, or particular assets, because mining licenses belong to subsidiaries, not the firm itself, he said at the time.

Original article here

JSW: A decision soon on Prairie Mining’s #PDZ assets

JSW assumes that by the end of July it will decide on the assets of Prairie Mining – informed the president Daniel Ozon. “I assume that by the end of July we will be after full analysis and technical reports and reports from legal and financial advisors and at the end of July we will probably make such a decision “– said the president of JSW.

At the end of March, JSW reported on the conclusion of an agreement with Prairie Mining on the potential establishment of cooperation on Prairie coal projects in Poland. Prairie was to provide information about the coking coal mining project in the Dębieńsko-1 concession and information about the Jan Karski project in the Lublin Coal Basin. “For several weeks, including advisors, we have audited these concessions and are investigating the state of their legal status,” Ozon said.

He added that it is not simple, among others due to disputes with Bogdanka’s management regarding Jan Karski. “The next stage we would possibly go through is price-related issues and price negotiations, if we find out that these assets are interesting to us,” he said. He repeated that there are various scenarios: cooperation with Prairie Mining, takeover of one or both projects or total abandonment of these concessions.

Ozon informed that, theoretically, for the Dębieńsko-1 deposit, JSW can reach from the Szczygłowice mine. The total resources of this deposit are estimated at 301 million tonnes, and the resources shown to be acquired at 93 million tonnes. The planned service life is about 50 years.

“Potentially, we could consider the scenario that in the first phase of exploitation we are able to extract coal without the need to build a shaft and infrastructure, using the Szczygłowice infrastructure, and at the same time build the shaft to start production at full steam around 2-2.5 million tonnes annually, “said Ozon.

“The Dębina concession in potentially two stages of accessibility is interesting for us, because it enables fairly rapid entry into decks and production in the first phase, without major investment outlays, to 0.5 million tonnes of coal,” added JSW.

He informed that in the case of the Jan Karski mine project, total resources are estimated at 728 million tons of coal, and resources indicated for acquisition at 352 million tons. JSW informed PAP Biznes several weeks ago that after the results for the first half of the year the company could enter the US market with the issue of bonds and ends talks with banks regarding a syndicated loan in the amount of approx. PLN 1 billion in refinancing on the domestic market.

On Friday, Ozon said the issue of bonds is being analyzed. “As for debt refinancing, in the summer we should finalize a five-year syndicated loan,” said Ozon.

Polish Press Agency

Original article here

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