The news sent the miner's shares plunging 30 percent in London and 20 percent in Warsaw.
POLAND Mining News
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
KGHM Polska Miedz SA expects its third quarter results to be boosted by favourable metal prices and currency exchange rates.
According to the Industrial Development Agency (ARP), net profit at Polish coal mines stood at 1.45 billion zlotys (US$400.06 million) in the first half of the year compared to a 800 million zlotys loss a year earlier.
Rescuers were searching for four missing miners in southwestern Poland on Wednesday after an earth tremor caused rockfalls deep underground in a copper mine owned by KGHM.
Photo essay by Tomasz Tomaszewski.
The treasure-hunting pair is focusing only on non-invasive testing at the moment.
The new government is considering to stop production at several of its mines until at least 2018 in an effort to help prices by reducing a global oversupply.
GHM estimates the project will employ about 500 people and contribute up to $550 million dollars in federal and provincial taxes, $210 million in British Columbia Mining Act tax, and $110 million in municipal taxes.
One of the darkest events in the martial-law era of Poland in the early 1980s will soon be available to the public.
Poland's defense of coal, which has been a measure of energy independence from Russia, might actually be an asset to the Kremlin's influence.
Hundreds of miners in Kosovo are back on shift following a three-day work stoppage to protest against the Kosovo government, which backtracked on an earlier decision to take control of the Trepca mining complex.
Announcement comes as Polish authorities work on a plan to group its loss-making mines into a “bad” or a “good” unit.
In the official opening the firm said it expected to start shipping from Sierra Gorda in November
Warsaw has promised industry support.
The open-pit mine, to begin operations later this year, is considered the world’s seventh largest copper project.
Prime Minister promises tax breaks until 2020.
World Coal Association says Figueres's comments evidence her "lack of expertise in the mining and energy sectors."
Christiana Figueres called the coal industry to diversify toward cleaner energy sources.
As of Monday, Poland will be host to two climate change summits: One organized by the United Nations and the other by the World Coal Association.