The role of the hard coal mining sector in ensuring energy security of the country has been presented in the paper. An analysis of its current status was made based on the results obtained by the sector in 2017. Moreover, the determinants which are the precondition for further sustainable and efficient operation in the years to come have been defined.
The problem of research undertaken in the article concerns the adaptation of traditional models of calculating the cost of capital to the specifics of mining companies. Solutions known from the literature do not give reasonable results. This is due to the uniqueness of the activities of mining companies, in which case we are dealing with a lack of reference to the typical market situations. The aim of this article is to identify solutions that allow rational and reliable results to be obtained. One of the proposals is a modified Fama-French method. The article was tested by calculating the cost of capital in the largest Polish mining enterprises. The problem of calculation of the cost of capital is particularly important in the area of assessing the effectiveness of investment projects. The cost of capital is used as the discount rate in dynamic measures of performance, such as NPV.
The article contains considerations on possible actions directed at increasing productivity of hard coal mining industry. It is necessary to improve the state of the industry, and ensure its survival. Basic definitions and measures concerning productivity and management were presented to illustrate examples referring to a mining enterprise. Then, basing on organizing, one of the management functions, the issue of productivity in a mining enterprise and its influence on improving effectiveness of operational management, was analysed. An assumption was presented that solutions concerning identification of sources and volume of costs, hitherto existing in mining enterprises, ought to be complemented with the planning function following process approach. It can be the starting point for decisions of economic feasibility of given deposits, seams or parts of them, before mining operations start, and to control incurred costs in process approach. The article is summed up with a process algorithm of cost management.