Kompania Weglowa to Restructure to Cut Costs

Australian Mining reported that Kompania Weglowa, a Polish mining company, will restructure itself to cut costs and reduce its losses.

As quoted in the market news,

The largest coal miner in Europe has been flagging due to low world coal prices and high operating costs, and will close four of its mines for liquidation, in order to steer away from a near inevitable insolvency.

The remaining nine mines in its portfolio will be transferred to a state-controlled, special purpose company owned by Weglokoks.

Click here for the full Australian Mining report