Coal Energy S.A. (Luxembourg), a coal company with its main assets in Ukraine, which are currently under Russian occupation, signed a letter of intent with Polish mining company Siltech in mid-April to lease its real estate and infrastructure for coal mining in Poland.
“The main purpose of this letter of intent is to advance Coal Energy’s plan to apply for a license to extract coal from deposits adjacent to those owned by Siltech,” Coal Energy said in a stock exchange announcement.
It is noted that the lease is scheduled to begin at the end of 2025, after Coal Energy obtains all necessary permits to commence coal mining from the licensed deposits.
Coal Energy is expected to mine coal using Siltech’s existing mining infrastructure. This approach will reduce the time needed to start coal mining and eliminate the need for Coal Energy to invest in the construction of a new mining facility.
Coal Energy shares have been listed on the Warsaw Stock Exchange since August 8, 2011. Its main activity was coal mining at two underground mines and working with coal dumps in the Donetsk region. According to the company, due to Russia’s aggression, it currently has no coal assets in Ukraine.
In recent years, the company has had virtually no operating activities. According to the latest report on Coal Energy’s website, its total assets at the end of September 2023 amounted to $9.7 million, while its liabilities amounted to $11.6 million and its capital was negative at $1.9 million.
At the end of 2023, the company acquired Ukrmineral Trading LLC with the aim of obtaining licenses for the extraction of minerals in Ukraine, as well as Advanced Industrial Technologies Sp. z.o.o. with the aim of providing underground mining services to coal mines in Poland. In addition, in early 2024, Coal Energy registered a new company, Greentech Solutions Sp. z.o.o., for the reclamation and processing of industrial waste dumps and mine tailings, as well as the reclamation of land destroyed by human activity.
The founder, chairman of the board of directors, and CEO is Viktor Vyshnevsky.
