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Abstract

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.
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Authors and Affiliations

Marta Sierpińska
1
ORCID: ORCID

  1. University of Economics and Human Sciences in Warsaw, Poland
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Abstract

This article presents the main recent developments in migration trends to and from Belarus. It studies these trends via the migration systems theory lenses, according to which Belarus belongs to the Eurasian migra-tion system. The most significant migration flows are directed towards Russia, due to the existence of the Union State. However, over the last decade, Belarusian statistics have shown a gradual transformation in the direction of these migration flows. After the recession in Russia in 2015, the number of emigrants from Belarus to EU countries increased. The most significant changes have occurred in the migration dynamics between Belarus and Poland and Lithuania. The existence of the Pole’s Card makes it more difficult to measure the number of Belarusian immigrants in Poland, therefore, I provide a comparative analysis of Belarusian and Polish statistics in order to show a more realistic picture of the number and structure of Belarusian emigrants and the problem of underestimation in the sending country. Particular attention is paid to the consequences of the political situation in Belarus after 2020; this has become an additional push factor for emigrants and may also lead to a further reduction of Belarusian migratory links within the Eurasian migration system. Thus, the statistics for 2021 show a significant increase in the number of Bel-arusian emigrants to the EU, while emigration to Russia has remained at the same level.
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Authors and Affiliations

Yuliya Petrakova
1
ORCID: ORCID

  1. Freelance researcher, Belarus
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Abstract

The Ebbabreen ice−cored moraine area is covered with a sediment layer of up to 2.5 m thick, which mostly consists of massive diamicton. Due to undercutting by lateral streams, debris flow processes have been induced in marginal parts of this moraine. It was recognized that the sedimentology of deposits within the deposition area of debris flows is the effect of: (1) the origin of the sediments, (2) the nature of the debris flow, and (3) post−debris flow reworking. Analysis of debris flow deposits in microscale (thin sections) suggests a common mixing during flow, even though a small amount of parent material kept its original structure. The mixing of sediments during flow leads to them having similar sedimentary characteristics across the deposition area regardless of local conditions ( i.e. slope angle, water content, parent material lithology). After the deposition of sediments that were transported by the debris flow, they were then reworked by a further redeposition process, primarily related to meltwater stream action.
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Authors and Affiliations

Krzysztof Pleskot

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