Hungary’s central bank increased its gold reserves 10-fold, citing the need to improve its holdings’ safety, joining regional peers with relatively high ownership in the European Union’s east.
POLAND Mining News
KGHM will deliver updated strategy by year-end and it has no plans to sell foreign assets.
Poland plans to boost output of coal by about 10 percent in the next several years to cut down on imports, which are set to jump to a record this year.
Poland is making a rare charge into gold. The country added about 9 metric tons to its bullion reserves in July and August as prices dropped.
Coal currently feeds about 27% of the world’s energy demand.
Poland's state-run JSW awaits approval from the Energy Ministry in its bid to acquire the mining assets of Australia's Prairie Mining
Tamar Resources wants to reopen the state-owned Krupinski mine in Silesia as a coking coal mine.
The plant is the first of its kind built by Umicore in Europe and comes as the European Union is trying to develop EV battery manufacturing in the bloc.
State-run JSW and Australia's Prairie, which is developing mines in Poland, have been in cooperation talks for much of this year but JSW wants control.
KGHM has not had a CEO since Radoslaw Domagalski-Labedzki was fired on March 10.
The company also said it plans to reduce investment in oversees assets and focus on domestic operations.
“The (last) miner’s body was trapped under one of many structures in the destroyed pit,” JSW said in a statement.
Net profit for the first three months of the year stood at 439 million zlotys ($121.08 million), compared with the 453 million zlotys expected by analysts.
One man is still missing at the Zofiowka mine in southern Poland.
The CEO also forecast that the copper price will exceed $7,000 by the end of this year, as analysts at Bank of China expect.
A 3.4 magnitude quake hit the Borynia-Zofiowka-Jastrzebie coal mine in southern Poland on Saturday morning.
Poland has about $30 billion of planned wind projects 30 kilometers (19 miles) out in the Baltic.
KGHM also said in a statement that silver sales fell in the same quarter by 16 percent to 212.6 tonnes.
The news sent the miner's shares plunging 30 percent in London and 20 percent in Warsaw.
Poland's biggest mining firm, state-run PGG, expects its coal output to rise slightly this year from around 30 million tonnes in 2017.
The world's 10 largest copper mines accounted for 25% global output in 2017 – on average these deposits were discovered 95 YEARS ago.
JSW said on Monday its 2017 net profit jumped to 2.54 billion zlotys ($745.31 million) from 6.7 million zlotys a year earlier.
The state-run firm also said that this year's output of electrolytic copper from its own concentrates will be 35,000 tonnes than the planned 401,000 tonnes due to an accident at its smelter.
The buzzword in the Brussels energy and climate bubble is 450, a number that is dividing European Union lawmakers and making coal-dependent Poland fume over upcoming reforms to the world’s biggest carbon market.
"I think that the third-quarter results will confirm that the full-year EBITDA will be higher than last year," says KGHM CEO Radoslaw Domagalski-Labedzki