.. After this negligible dip in growth in 2012, however, BMI expects it to remain marginally above the 4% y-o-y mark through to 2015.
The combined net profit of private miners jumped broadly in line with BMI's growth expectations for the rc helicopter market place sector in 2010, strengthening by 5% y-o-y to PLN1.16bn (US$395.89mn) over the year, according to the Ministry of Economy. State-owned miners saw the reverse in 2010, with a combined net loss of PLN184mn (US$62.8mn), despite relatively high copper prices on the back of buoyant Chinese demand. Figures for 2010 highlight the government's hopes of shifting the bulk of KGHM's output away from Polish deposits, which have become increasingly costly the deeper miners are forced to venture to maintain production levels.
KGHM reiterated in February 2011 that it intends to spend PLN7.5bn (US$2.6bn) on majority stakes in three preproduction stage deposits, along with stakes of about 10% in their owners from 2011. The company was reported to be in advanced talks with two copper producers in Canada and one in South manual trash compactor America in March. Beyond the company's planned US$535mn investment in the Abacus deposit to kickstart production, KGHM will require financing for additional acquisitions and operations. The company is not only looking to divest its stakes in telecoms firms, but is also considering listing on the Toronto Stock Exchange as a result.
Hard coal production is in chronic decline in Poland on the back of depletion but also because of the government's pressure to find alternatives to the country's ubiquitous coal-fired plants. Power generation from coal continues to make up 94% of Poland's energy mix and the government aims to reduce this to 60% by 2030. Among the many factors that will affect the success of the plan is the government's aim to introduce nuclear power to generate 9.3% of the country's electricity needs by 2030.
The European Commission's softening position on state subsidies to coal mines since late 2010 came as a boon for Polish coal miners, some of which operate economically unfeasible mines. Under strong German pressure, the commission said in December 2010 that it may be open to the continuation of subsides until 2018 on the condition that state supports declines y-o-y. Although the proposed rules still demand that operating subsidies by 2017 ou garbage compactor review ght to be a mere fraction of their size in 2011, the stance is considerably more lenient than original proposals that called for a limit to all subsidies for mines expected to close by mid-October 2014.
Beyond the new subsidy rules, Poland's upcoming presidency of the EU may be game changer in the union's energy regulations. Some expect that the Polish presidency, which begins in July 2011, may impede the passage of more stringent regulation on carbon emissions.
BMI expects copper production in Poland to continue the y-o-y decline that began in 2005, reaching 412.4mn tonnes in 2011, down from 424.7mn tonne trash bins s in the previous year. We expect the country's copper output to fall to 363.2mn tonnes by the end of our forecast period in 2015. Nickel is one of the metals that BMI does not expect to decline. We forecast nickel production to reach 0.59mn tonnes in 2011, up from 0.52mn tonnes in 2010. By the end of our forecast period, we predict Poland's nickel output to hit 0.87mn tonnes.
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