Coal Energy, a Ukrainian-rooted company listed on the Warsaw Stock Exchange, has announced plans to restart coal mining operations in Poland and Romania—specifically targeting previously closed or unprofitable mines. The firm, which once managed 10 coal mines in Ukraine’s Donbas region before losing control of them due to the Russian invasion, now aims to leverage its turnaround experience to breathe new life into dormant European sites.
One of the company’s main targets is the Siltech mine in Zabrze, Poland, slated for closure at the end of 2025. Despite Poland’s national plan to phase out coal by 2049, Coal Energy sees strategic value in resuming operations at the mine, especially to supply coal back to Ukraine. The firm plans to utilize cost-effective mining technologies to make the project economically viable.
To fund the endeavor, Coal Energy is looking to raise over PLN 14.5 million (approximately $3.76 million) through the issuance of convertible bonds and warrants aimed at private investors. Alongside coal, the company is also exploring opportunities to mine other critical raw materials, including kaolin, phosphorite, feldspar, sulfur, and limestone.
Though based in Luxembourg, Coal Energy’s long-standing operational history in Eastern Europe positions it as a potential player in reshaping parts of the region’s post-coal landscape—even amid tightening decarbonization timelines.
