The audits also reinforce the SAO’s long-standing recommendation to amend the legislation governing state-owned enterprises and state property management. A stronger legal framework is needed to improve transparency, internal control and accountability while preserving the flexibility required for state-owned enterprises to respond effectively to changing economic conditions. At the same time, founding ministries should strengthen governance, risk management and oversight of the enterprises under their responsibility.

The audit identified Kremnica Mint as an example of good practice. Despite its unique status as a state-owned enterprise with more than 700 years of history, the Mint manages public assets in line with the principles of legality, economy and efficiency. Unlike many other state-owned enterprises audited in recent years, it has consistently generated positive financial results. In 2025, it reported a net profit exceeding EUR 667,000, almost 40% higher than the previous year, while total revenues reached EUR 39.6 million.

According to SAO Vice-President Henrieta Crkoňová, the Mint benefits from a clear long-term strategy and a willingness to invest in innovation.

“A particularly encouraging sign is the growth in revenues from the production of circulation coins for foreign markets, which increased by 117% year on year to almost EUR 14 million. This confirms the enterprise’s strong international reputation and competitiveness, as well as the sound stewardship of its management.”

Continuous investment in modern technologies and production automation has helped the Mint maintain its competitiveness both domestically and across European markets. The Ministry of Finance also plays an active role in the enterprise’s strategic development through effective oversight and investment planning.

The audit paints a very different picture of Rudné Bane. The enterprise is responsible for implementing Slovakia’s ore mining phase-out programme, approved in 1990, yet many former mining sites still pose environmental and safety risks because the programme remains unfinished.

“The continued postponement of solutions is increasing both environmental risks and the financial costs of addressing the legacy of mining activities. Between 2010 and 2025, Rudné Bane received only EUR 12 million in subsidies for technical works under the phase-out programme, which is critically insufficient,” said Vice-President Crkoňová.

The SAO also notes that former mining areas in several European countries have successfully been transformed into sites supporting tourism, education, science and innovation, demonstrating opportunities that remain largely untapped in Slovakia.

The audit found that Rudné Bane has long suffered from ineffective governance, including a dysfunctional Supervisory Board and delays in strategic decision-making. Although the enterprise has prepared a medium-term development strategy through 2028, aimed at moving from the passive management of mining liabilities towards a more active use of its technical, mineral and environmental potential, the strategy had not yet been assessed by the founding ministry at the time the audit was completed.