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The KWK Krupiński topic during the session of the Regional Council for Social Dialogue in Katowice

- Dialogue with the social side is necessary, but at today's meeting we haven’t found any new arguments that could alter the restructuring agreement with JSW creditors regarding the transition of KWK Krupiński to SRK - said Energy Minister Krzysztof Tchórzewski during the meeting on October 24, 2016 in Katowice. The talks were also attended by Deputy Minister of Energy Grzegorz Tobiszowski.

- We have the only and unique opportunity to bring a long-term process of restructuring the mining industry to the end. We have the favorable conditions now. Ahead of us, however, little time, because Brussels has agreed to help the public sector only until the end of 2018 - added the Deputy Minister of Energy Grzegorz Tobiszowski.

At the forum made up of parliamentarians, local government officials, representatives of trade unions and association of employers, CEO of JSW Tomasz Gawlik justified the need to transfer Krupiński  to the Mine Restructuring Company.

Exclusion of the mine from  JSW structures was one of the points of agreement signed on 29 August 2016 between JSW management and the Bondholders on repayment of bonds in the amount of approx. 1.3 billion. They agreed on reduction of the original amount of the repayment of the bonds in the initial period and extending the repayment period by five years, until 2025.

- In September last year, our company was in a very difficult situation. Thanks to a compromise with the social side and austerities of the crew, we were able to communicate with the bondholders. We have earned the trust of banks that have adopted our restructuring program, through which the company will soon begin to be profitable - explains the CEO of JSW Tomasz Gawlik.

Restructuring Program will enable JSW to become a leader in the production of coking coal in Europe. The prices of coal are substantially higher than the prices of thermal coal, and this makes production much more profitable. Krupiński mines mainly thermal coal. Another problem is the large contamination of the bed. The total amount of  Krupiński losses over the past 10 years amounts to over PLN971 million. None of the analyzed investment options guarantees the improvement of the financial performance of the mine.

JSW, however, does not intend to resign from the deposit, it plans methane extraction there.  What is more,  the Capital Group Logistics Center should be created on the post-mining areas.

The Management Board also ensures jobs for all miners from Krupiński. The allocation is to be planned according to the places of  employees residence and well performing brigades won’t be separated. The miners, who voluntarily decide to leave, will be able to take advantage of government-guaranteed social protection: mining holidays or one-time severance payments.