The situation at Jastrzębskiej Spółce Węglowej, i.e. JSW is far from idyllic.
Drama underground, i.e. JSW on a financial kink
Miners, wanting to save the company, agreed to painful sacrifices, including suspension of the 14th salary for 2026, shifting that payment from 2025 to 2027, and splitting the baronial reward into installments.
Additionally, the coal deputy was suspended. The chairman of the “Kadra” Trade Union, Marek Płocharski, makes the case clear: the crew gives huge amounts from home budgets, but what does the board give in return?
Union members accuse the company’s management of inactivity and failure to fulfill promises of financial stabilization, including the lack of effective acquisition of 2,9 billion PLN from the Privatization Fund. The company generates losses and is behind contributions to ZUS and other entities.
Worse, due to lack of funds for materials, mine repairs and reconstructions were halted. This is a straight path to tragedy, as recent events in China showed, with union members directly warning of increasing accident risk and threatening to notify the Higher Mining Office.
JSW’s board deflects the accusations, explaining that for months they have been conducting intensive restructuring actions, and the repair program is theoretically finished. The priority is safety and job protection.
A breath of relief for the company is the signed contract with the Ministry of Energy for a grant to finance employee leave for mining holidays and leave for employees at the mechanical coal processing plants. The question is whether this is enough to extinguish such a large fire?
At market close on Friday, June 26, JSW shares fell sharply by 3.62% to 24.20 PLN.
Chart. JSW share price
Source: TradingView.
See also: JSW shares before the next drop? Union members sound the alarm. They issued an urgent appeal to the government
Copper’s return to normality. Symbolic gains for KGHM
Completely different moods prevail in Lubin. KGHM Polska Miedź after a yearly break returns to profit sharing.
Investors who held shares at the end of the June 23, 2026 session (dividend day set for June 25) can prepare portfolios, funds will be paid on July 9, 2026.
The company will allocate 300 million PLN from the 2025 net profit, which was nearly 1.95 billion PLN.
From a mathematical perspective, there is no frenzy. Shareholders will receive 1.50 PLN per share, giving a symbolic dividend yield of 0.41%. The remaining profit (over 1.64 billion PLN) will feed the reserve capital.
The board and supervisory board explain this as a necessity to maintain balance between rewarding investors and financing ambitious investment plans.
For market speculators, this rate is pennies compared to history. In the times of the great commodity boom, from the 2011 profit KGHM paid a record 28.34 PLN per share (yield close to 20%). Today’s 1.50 PLN is a repeat of past rates, but market optimists see more here.
A solid financial cushion left in the company could become the foundation for much larger transfers in future years. Moreover, KGHM shows it can both set aside profit for strategic goals and build capital, and share profit with shareholders.
At market close on Friday, June 26, KGHM shares fell by a symbolic 0.53% to 327.75 PLN.
Chart. KGHM Polska Miedź share price
Source: TradingView.
See also: 2026 market prepares a surprise? “Investors should ensure their portfolios are ready for an upward trend”
Two giants, one lesson for the investor
The comparison of JSW and KGHM is a classic textbook example of risk analysis. JSW fights for survival, balancing on the edge of social conflict and technical paralysis. Despite further tranches of government aid, the company’s problems steadily grow.
KGHM, though it does not indulge in high returns, proves that copper has a more stable footing than coal. For shareholders, the lesson is simple: sometimes a symbolic dividend and calm are worth more than promises of profits in a company whose footing literally burns.
See also: JSW shares go crazy! Coal prices hit the market after the China tragedy
