September 19, 2018 / 9:32 AM / 3 months ago

Poland's JSW seeks ministry approval to buy Prairie Mining assets: CEO

KATOWICE, Poland (Reuters) - Poland’s state-run JSW (JSW.WA) is awaiting approval from the Energy Ministry in its bid to acquire the Polish mining assets of Australia’s Prairie Mining (PDZ.AX), JSW said on Wednesday.

FILE PHOTO: Miners get ready for their shift inside an excavation corridor at Zofiowka coal mine of the JSW coal mine company, in Jastrzebie Zdroj, southern Poland September 28, 2012. REUTERS/Peter Andrews/File Photo

Prairie Mining has been developing coking coal projects at the Jan Karski mine in southeast Poland and the Debiensko mine in Silesia, Poland’s industrial heartland in the south. JSW has said it wants to increase its coking coal output.

“We maintain that we would like to take over Prairie Mining assets, however we still need to obtain the owner’s approvals, which means that the Energy Ministry opinion is necessary,” JSW Chief Executive Daniel Ozon told Reuters.

“This is why it is unlikely that the whole process of assessing Prairie Mining assets will finish in September,” he said, adding he hoped the process would be completed in October.

He did not give a value for any transaction. Prairie Mining has a market capitalization of A$79 million ($57 million).

Sources told Reuters this month that JSW, which has been in talks on cooperation with the Australian firm for much of this year, wanted a controlling stake in Prairie Mining to tighten its grip as the EU’s biggest coking coal miner.

Ozon declined to comment on that issue.

The Energy Ministry, which supervises the mining industry, had planned to dismiss Ozon last week after disagreements over strategy but a meeting of the supervisory board in which this was expected to take place was canceled last week, sources said. JSW declined to comment on the meeting.

Ozon also declined to comment on the matter.

Energy Minister Krzysztof Tchorzewski told Reuters last week that he was familiar with JSW’s plan to take over Prairie Mining but declined to provide details.

Reporting by Wojciech Zurawski; Writing by Agnieszka Barteczko; Editing by Edmund Blair

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