Jastrzębska Spółka Węglowa operates in a demanding market that is subject to business cycles. However, the financial surpluses generated during prosperity are not just eaten up. The company puts aside, or rather invests, money in a closed-end fund. This assumes for form of take-up of certificates, i.e. creation of a financial cushion, which is necessary when working capital is needed. 

The money has already come in handy once. The company redeemed certificates due to the difficult pandemic situation in 2020.

Today, the situation is the opposite. The excellent market situation for coking coal, coke and steel allows us to accumulate savings.

- We constantly analyze the company's liquidity situation and see what surpluses we have in current operations. After taking into account capex and debt service expenses, we are left with free funds. We currently have PLN 3.2 billion invested in the FIZ, but in recent days the company's Supervisory Board has agreed to another issue and take-up of certificates for PLN 1.5 billion - says Robert Ostrowski, Vice-President of the JSW Management Board for Financial Matters.

Ultimately, the company intends to accumulate approx. PLN 5 billion in the FIZ. The value of the contribution each time depends on the company's financial capabilities. Today, JSW is the only investor in the FIZ, which is managed by the PZU Group.