A Ukrainian company, after losing all its mines in the Donbas, is planning to mine coal in Poland.

Coal Energy, a company with Ukrainian roots and listed on the Warsaw Stock Exchange, aims to restart coal mining at mines that have been closed in Poland and Romania, relying on its experience in reviving unprofitable state-owned mines in Ukraine. Although Poland has a plan to phase out coal by 2049, Coal Energy still sees opportunities in this market, mainly through supplying resources to Ukraine. Specifically, the company is considering acquiring the assets of the Siltech mine in Zabrze, Poland, which will shut down at the end of 2025. Coal Energy intends to mine coal at the Siltech mine using more affordable technologies. To begin, it plans to seek financing from private investors. They are exploring the possibility of raising over PLN 14.5M ($3.76M) by issuing convertible bonds and warrants. The company is also interested in mining other critical raw materials, such as kaolin, phosphorite, feldspar, sulfur, and limestone. Registered in Luxembourg, Coal Energy lost control of its 10 coal mines in the Donbas due to Russian aggression against Ukraine.