JSW - Poland JSW - Poland JSW - Poland

JSW - Poland

A large Polish mining company with five underground mines, JSW SA produces over 13Mt of coking and thermal coal per year for the coke-making and energy industries. As part of going through an IPO on the Warsaw Stock Exchange they wanted to develop a prospectus for potential investors, including a mineral expert’s report.

Our team visited all the mining operations to gather information and check resources. We looked at original borehole data, licences, geological plans, mining plans and permits as well as talking in depth with mine management, geological and technical staff. Reserves were determined from underground visits to see the development, face methods and equipment.  Development and production forecasts were examined and the capital investment programme supporting the plans was scrutinised. Operating costs were verified, particularly as the mining conditions dictated high costs to take precautions against methane outbursts, temperature and rock bumps.

Having produced a resource and reserve statement to international standards, extracts from our mineral expert’s report was contained in JSW’s prospectus. Their IPO raised over $2bn on the Warsaw Stock Exchange - its largest offering in 2011. We were subsequently commissioned to update the report for the sale of employee shares in 2013.