Polish mining group JSW floated on stock exchange

State-controlled Polish mining group JSW was floated on the country's stock exchange on Wednesday in a 5.37-billion-zloty (1.36-billion-euro, $1.97-billion) partial privatisation. Shares in JSW jumped 3.31 percent at the start of trading on the Warsaw Stock Exchange, hitting 140.50 zloty, as investors moved swiftly to snap up the 33.1-percent stake on offer. The Polish treasury has opted to retain 50.1 percent of JSW, which specialises in the production of coke, a transformed type coal often used in the steel industry. The remaining stake is held by JSW's employees. JSW is based in the southern region of Silesia, Poland's coal belt. In 2010 it extracted a total of 13.3 million tonnes of coal. The mines it runs are estimated to hold reserves of 550 million tonnes. JSW employs 26,100 people. It posted net profit of 1.5 billion zloty in 2010, after a 669-million zloty loss the previous year.