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Lubelski Węgiel
Lubelski Węgiel Bogdanka S.A.

Bogdanka extract 2.02 million tonnes of coal in IIQ2014

Thursday, 2014-07-03

Lubelski Węgiel BOGDANKA S.A., the most advanced and effective hard coal mine in Poland and the leader in the domestic market for power coal producers, extracted 2.02 million tonnes of commercial coal in the second quarter of 2014. This result is comparable in amount to the one achieved in the same period last year when the extraction reached 2.05 million tonnes. Cumulatively in the first half of 2014 the Company extracted 4.25 million tonnes of commercial coal, which represents an increase of 4.2% as compared to the same period of the previous year.  

The Company is currently implementing its strategy for the period 2013-2020, which, most importantly, provides for completing an investment programme by 2015 pursued with a view to doubling the production capacity in relation to 2011 and doubling the Company’s operating resources in the Lublin Coal Basin, and thereby extending the mine’s operating life to approx. 2050.

“Extraction in the second quarter of this year was consistent with our expectations. It was slightly lower than the one achieved in the first quarter of this year, which was a consequence of a decision to give the principal focus to the extraction of better quality coal until the Mechanical Coal Processing Plant is completed. The extraction level at the end of the first half of this year was higher than achieved in the same period of the previous year by 4.2%. Sales in the second quarter amounted to 2.10 million tonnes, which shows a slight decrease in comparison with the first quarter of this year. Sales for the entire first half of 2014 equalled 4.33 million tonnes and were higher than sales in the first half of 2013 by 13.6%. Market conditions in the power coal industry are still difficult, which has its influence on price levels”, said Zbigniew Stopa, President of the Management Board of LW BOGDANKA S.A.

“Our priority for the upcoming months is the launch of the Mechanical Processing Plant, which is about to commence. This launch will enable us to produce better quality coal from the fourth quarter onwards, which should boost our financial results. We are also preparing to install the third ploughing system which has already been delivered and is to be launched in the third quarter of this year”, added Zbigniew Stopa.

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