Investors will pony up some PLN 700 million ($182 million) for the project, including PLN 150 million ($39 million) from Weglokoks and some PLN 200 million ($52 million) from another treasury firm, Tobiszowski said. That would place Enea’s contribution at some PLN 350 million ($91 million)

The new entity, Polski Holding Weglowy (PHW), would also encompass Weglokoks’ mines, to be transferred by mid-2017, increasing Weglokoks’ stake in the holding, the minister said. After PHW is formed, the government will seek to renegotiate the miner’s deals with banks inherited from KHW. “We have to start the process of talks with financial institutions in order to postpone debt repayment, particularly bond redemption, to 2020, perhaps 2021,” Tobiszowski said.