Lubelski Wegiel Bogdanka, a small Polish mining company, is thriving even as larger rivals such as Kompania Weglowa post big losses. That's partly because Bogdanka isn't based in the traditional mining region of Silesia, making it easier for Bogdanka to adopt more efficient mining practices. "In Silesia, mining is put on a pedestal and any changes are difficult to execute," says analyst Marcin Gatarz.

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