Court case resolution means coal miner may reduce its liabilities
Poland’s top coking coal miner JSW will consider releasing a large part of reserves created in relation to a dispute over local taxes, if the Gliwice court proceedings slated for October confirm a positive Constitutional Tribunal ruling, CEO Jaroslaw Zagorowski told a press conference.
On Wednesday JSW bought an 85 percent stake in a state-owned foundry coke producer Victoria from the Polish treasury for 414 million zlotys ($125.8 million).
“If the decision is positive, it may be an important argument for other courts and our auditor regarding the approach to these reserves,” Zagorowski said when asked about releasing reserves in 2011.
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