The presented article contains an analysis resulting from 10 years’ experience in the implementation of the POLVAL Code to mineral assets valuations carried out by Competent Valuators. It had been based on data of more than 100 performed valuations. First and foremost, challenges resulting from preferences given by various relevant regulations to the application of a market-based approach were identified. It was underlined that they prompt Valuators to compromise the quality of the database containing reference transactions. In the case of an income based approach, issues resulting from the adoption of estimates and subjective assumptions were discussed. It was indicated that this fact alone cannot create a valid argument to reject the results of such a valuation providing that they have been implemented in a coherent manner and uncertainty was reflected in the value of the applied discount rate. Separately recommended changes to the present version of the POLVAL Code were presented. In conclusion, a significant, positive role of the introduction of the POLVAL Code for the structuring processes of mineral asset valuation was indicated.

The choice of financing sources made by coal mining companies reflects a number of macro- and microeconomic factors. The paper attempts to present only those that play the most important role in mining companies’ market activities. The structure of sources of financing mining companies’ operations is presented by computing the share of equity in liabilities and shareholders’ equity, the golden balance sheet rule showing the degree of financing of non-current assets through shareholders’ equity and the silver balance sheet rule which shows the ratio of long-term capital to non-current assets. Only a few mining companies can satisfy those two rules as they finance their economic activity through equity and short-term liabilities. Mining companies are not indebted. Their caution in incurring long- -term debt results from the implementation of high volatility of financial results, which are prone to the effects of the economic situation. The basic determinants of the choice of financing sources include the structure of assets, the rate of return on assets and companies’ ability to service debt. The high capital intensity of the mining sector is reflected in the large share of non-current assets in total assets, which in some mining companies exceeds 80% of total assets. The rates of return on assets vary widely and are influenced by fluctuations in coal prices at different phases of the market situation. They also have a significant impact on companies’ ability to service debt. Empirical research conducted by the author revealed that the structure of financing sources in Polish coal mining companies is like that of global mining corporations, as are the economic relations shaping this structure.

This paper attempts to find out what is the role of competitive environment in shaping the sensitivity of growth in banking to the business cycle. To answer this question, we apply a large set of individual bank level data including over 8000 banks operating in more than 100 countries. This study uses the growth of assets, loans, deposits and leverage as proxies of bank growth and Lerner index as a proxy for the competitive environment. The analysis shows that decreased competition is associated with increased procyclicality of bank growth. However, in a perfectly competitive environment the growth turns out to be countercyclical. This effect differs between high- and lowincome countries. A perfectly competitive environment is associated with countercyclical growth in high-income countries. The opposite result is found for low-income countries. Our results for Central Eastern European countries show that increased competition is associated with enhanced procyclicality of growth.

This paper aims to improve understanding of the drivers and barriers to digital transformation in asset management. Accordingly, this paper contributes to the literature by conducting a qualitative Delphi study with 15 experts (including academia, consultancy and industry) to identify, validate, and classify the drivers and barriers affecting digital transformation in asset management. As a result of the experts’ interactions, 20 barriers were identified. The main barriers to digital transformation in asset management are the following: Misunderstanding of the strategic importance of asset management, no clear vision/strategy, existing mindset and culture, inadequate asset management system, lack of understanding of digital trends, and lack of employee knowledge and skills. The study also highlights 12 drivers that are critical to the digital transformation of asset management. These include cost reductions, opportunities in condition monitoring of assets, expected benefits in asset management processes, expected benefits in risk management and others.

The article discusses problems related to rules and regulations determining compensations for the mining usufruct of mineral deposits covered by the so called “state mining ownership”. Specific acts of law framing agreements on mining usufruct between government and mining enterprises were analyzed. Rules and algorithms applied to calculate an appropriate compensation are evaluated leading to several conclusions, including the one about lack of a direct legal grounding for them. Such a situation creates disputes and may be risky for all involved. It was also indicated that, in parallel, the State lets another class of mineral deposits, namely the ones owned as a result of real estate ownership and the related Civil Code regulations confirmed by the mining law. In such cases, a mining entrepreneur gets usufruct of a real estate, but only the one with mineral rights. Subsequently a comparison of the rules and algorithms established for determining compensation for mining usufruct and for usufruct of real-estates comprising rights for mineral assets was performed. Arguments for a far going harmonization between these two were put forward. This implies that a starting point for determining any compensation has to be a valuation of a relevant mineral deposit market value as opposed to any universal, however complicated, prescribed algebraic formula. Such a process is complicated and demands competences in geology, mining and finance. Consequently, regulations set in the Polish Mineral Asset Valuation Code shall be applied to both a running a valuation process and indicating competent persons. As a result, recommendations leading to correlate rules applied in both cases are put forward including the adoption of mineral asset valuation as a fundament to determine the level of compensation for the mining usufruct. The closing section contains recommendations regarding necessary changes in the legal framework.

The paper presented intends to fill up a gap in surveying the Hotelling Rule by taking a company based, microeconomic approach based on analyses of annual reports. Using selected data three fundamental hyphothesis are tested:
1) growth rate of margins (“net margins” including a capital charge) per unit realized by mining companies must exceed a rate equal to their cost of capital,
2) output shall follow deviations from the Hotelling growth line,
3) margins shall follow a path set by individually defined expected rate of return.
The analysis was based on 5 leading gold producers, responsible for ca 15–20% of global primary production, all of them public and listed on a stock exchange for the entire period of 2004–2019/2020. As margin shall grow at a rate compensating individual risk of a company in consideration, they shall not be homogenous. At 1st step industry WACC was adopted to calculate a normalized capital charge. The calculations revealed no support for Hotelling Rule. There is no evidence that over a period of above 15 years margins follow any path determined by a growing expotential function, following a compound rate. Subsequently it was checked whether output volume is corrected due to development of actual versus expected (resulting from the Hotelling Rule) margin values. Selected companies were near indifferent to this parameter while taking decisions in area of volumes supplied. Neither there is no evidence of relation between changes in output and margins. Finally, it was checked whether differences between expected and actual margins’ growth paths could be described by a linear function, resulting from consequent adoption of a risk rate component. Here neither any evidence was found. In conclusion no support for the Hotelling rule was identified.

All the restructuring programs that have been implemented in Polish bituminous coal mining as a primary way to reduce mining costs relied on the increased concentration of mining operations. Those efforts especially involved a significant simplification of existing or newly developed structures for accessing or cutting the deposits intended for extraction; implementation of advanced mining technologies, and upgrading of machines used in mine faces. However, in order for these to deliver the expected results, it is important to organize mining operations in such a way so that those advanced, and usually very expensive, mining-related fixed assets – machinery and equipment – are used sensibly. In order to define a reasonable production capacity of each longwall face, it is necessary to apply various criteria related to the mining and technical aspects, occupational safety, and organizational and economic aspects. Only then will it be possible to evaluate the expected effects in the field of concentration of mining in a mining company and in the mines which form part of such enterprises. Decisions in this respect should always be made at the planning stage, based on analysis results. The aim of this article is to explore the factors involved in concentration-related decision-making in mining companies, including the underlying mining/technical, organizational, and economic/ /financial aspects. A mining company is understood as a group of related mines, the primary business operations of which include bituminous coal mining, processing, and trading.

Knowledge management is a process aimed at enriching and effectively using knowledge assets in various areas of business operations. It also applies to manufacturing enterprises that offer tangible products combining it with the art of processing information and intellectual assets into added value for the customer. A characteristic feature of manufacturing enterprises is assigning their employees a double role: a knowledge user and, at the same time, an internal source of specialist knowledge. In the situation of dynamically changing market conditions, there is an additional need to acquire new knowledge (in practice: often to buy knowledge) from the company’s environment. A solution in the above-mentioned scope in Poland may be digital repositories of science assets as tools for knowledge transfer to SMEs. Research institutes are an important element in the process of knowledge transfer from scientific units to the economy (e.g. they offer their services in open access). The paper presents the concept of such a repository preceded by a diagnosis of the existing state, an analysis of the recipients of the deposited content and the examination and analysis of the requirements of potential users of the repository.

The article proposes the use of a synthetic indicator in spatial research. In the construction of synthetic indicator, it assumes that the indicator should not only specify the synthetic value based of on empirical data, but also show its structure. The structure of the indicator should answer the question to what extent individual empirical measures influence to the value of a synthetic indicator. Using the rules of statistical grouping, four groups of voivodships with different economic potential were distinguished. Research shows that on the synthetic indicator of voivodships (in particular groups) were affected to a varying extent by the values of empirical variables: number of employees, value of fixed assets, value of gross domestic product, number of economic operators.

The article discusses possibilities and usefulness of application of the cost approach for mineral deposits valuation. Author focuses on the ones related to exploration for and documentation of hypothetical deposits, looking in their case for possible areas of application of the approach in consideration. Analyses covers the three most commonly used valuation methods: Appraised Value Method (AVM), Multiple of Exploration Expenditure Method and Killburn's Method, indicating their strengths, deficiencies and dangers of potential misuse. In conclusion author indicates areas of potential application of the cost approach where it's proper application may deliver credible and useful results.

Management and Production Engineering Review (MPER) is a peer-refereed, international, multidisciplinary journal covering a broad spectrum of topics in production engineering and management. Production engineering is a currently developing stream of science encompassing planning, design, implementation and management of production and logistic systems. Orientation towards human resources factor differentiates production engineering from other technical disciplines. The journal aims to advance the theoretical and applied knowledge of this rapidly evolving field, with a special focus on production management, organisation of production processes, management of production knowledge, computer integrated management of production flow, enterprise effectiveness, maintainability and sustainable manufacturing, productivity and organisation, forecasting, modelling and simulation, decision making systems, project management, innovation management and technology transfer, quality engineering and safety at work, supply chain optimization and logistics. Management and Production Engineering Review is published under the auspices of the Polish Academy of Sciences Committee on Production Engineering and Polish Association for Production Management. The main purpose of Management and Production Engineering Review is to publish the results of cutting-edge research advancing the concepts, theories and implementation of novel solutions in modern manufacturing. Papers presenting original research results related to production engineering and management education are also welcomed. We welcome original papers written in English. The Journal also publishes technical briefs, discussions of previously published papers, book reviews, and editorials. Letters to the Editor-in-Chief are highly encouraged.