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Polish Stocks: Jastrzebska, KGHM, Polskie Gornictwo Shares Move

Jan. 3 (Bloomberg) -- Poland’s WIG20 Index advanced 0.5 percent to 2,204.27 at the close of trading, the highest since Dec. 9.

The following are among the active equities in the Warsaw market today. Stock symbols follow company names.

Jastrzebska Spolka Weglowa SA (JSW PW), the country’s largest publicly-traded coal miner, jumped 4 percent to 89.05 zloty, climbing the most in more than a month. The company plans to increase its coking and thermal coal output by 700,000 tons this year from more than 12.6 million tons in 2011, it said in an e-mailed statement.

KGHM Polska Miedz SA (KGH PW), Poland’s sole copper and silver producer, fell 1.4 percent to 116.3 zloty, after rising the most in more than two months yesterday. The updated formula for a new tax on extraction of metals published by the Finance Ministry yesterday is still “unsatisfactory” compared with the global standards, Chief Executive Officer Herbert Wirth said in an interview with TVN CNBC television today. The state-controlled company may have to limit investment and takeover plans if the new tax is introduced, Wirth said.

Polskie Gornictwo Naftowe i Gazownictwo SA (PGN PW), the biggest Polish natural-gas company, slid 4.4 percent to 3.9 zloty, declining the most since Aug. 10. Poland will present its proposals for a new tax on hydrocarbon extraction in the first half of the year, Deputy Finance Minister Maciej Grabowski wrote in an e-mail in response to questions from Bloomberg News today.

The introduction of the new tax is “a long-term prospect” and will take place once companies in Poland start commercial production of shale gas, Grabowski wrote.

To contact the reporters on this story: Pawel Kozlowski in Warsaw at pkozlowski@bloomberg.net; Marta Waldoch in Warsaw at mwaldoch@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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