Earlier this week Parkiet wrote that Jastrzębska Spółka Węglowa, Poland’s biggest producer of coking coal, will meet with American investors in October. This sparked rumors that the Treasury might want to sell another part of its stake in the company.

Currently, it holds some 57 percent of JSW's shares. The ownership statute allows the Treasury to decrease its stake to 34 percent while still maintaining corporate governance over the miner.

A deputy treasury minister said on Tuesday that the Treasury could be thinking about selling down to this level.

However, Minister of Economy Waldemar Pawlak said on Wednesday that it would not be a good idea to go below the 50-percent mark, Rzeczpospolita reported. The Economy Ministry has the final say when it comes to the sale of mining assets.

“A year ago, when JSW debuted on the stock exchange, we signed a certain agreement with trade unions. We can’t forget about it just like that,” said Mr Pawlak, referring to a deal with unions in which the state agreed it would keep hold of at least 50 percent of the company.

“Maintaining more-than-50 percent stakes in major coal companies in a safer solution,” he added.

Poland A.M.