Locked content Sierra Gorda to be profitable in 3-4 years – KGHM CEO

WSE-listed, state-run copper and silver giant KGHM’s Chilean copper mine in Sierra Gorda could be profitable in 3-4 years, company’s CEO Radosław Domagalski said. “We have much better control of the Sierra Gorda project and can fully say we want to stay. There is a huge space for improvement within ...

Locked content PGNiG signs PLN 4.8 bln extension deal with KGHM

WSE-listed, state-owned gas giant PGNiG sign PLN 4.8 billion deal with another state-run company, copper and silver miner KGHM for gas delivery. The contracts guarantee KGHM gas supplies until October 1, 2033. The new framework deal replaces the five long-term contracts between companies and unifies...

Locked content KGHM to seek opportunities to sell services in China – CEO

WSE-listed, state-owned copper and silver giant KGHM is may look for opportunities to sell its services on the Chinese market, CEO Radosław Domagalski-Łabędzki said. “We are interested in the development of Polish-Chinese cooperation, and the Chinese market is one of our most important markets. Our ...

Locked content KGHM expects positive financial flows from Sierra Gorda in 2-3 years

WSE-listed copper and silver giant KGHM expects that its Chilean Sierra Gorda mine will be generating positive financial flows within the next 2-3 years, company’s CEO Radosław Domagalski-Łabędzki said. The CEO assured that the development abroad would remain an element of the company’s strate...

Locked content KGHM changes Sierra Gorda financing to corporate credit

WSE-listed, state-owned copper and silver giant KGHM has changed the financing model of its Chilean mine in Sierra Gorda to corporate credit from project finance, KGHM said in a market filing. “The nature of the financing will significantly decrease the limitations and duties of Sierra Gorda and in ...

Locked content KGHM to build copper smelters abroad

WSE-listed, state-owned copper and silver giant KGHM is interested in becoming a general contractor in a foreign copper smelter project, the company’s CEO Radosław Domagalski-Łabędzki announced. “If we manage to win a contract for becoming a general contractor, then we would certainly be interested,...

Locked content Poland eyes over PLN 1 bln from metals tax in 2017

Poland expects to exceed PLN 1 billion targeted for metals tax receipts this year, finance ministry announced. The assumption is based on the revenue collected so far. Till end-April, the treasury received PLN 615.9 million from the tax, exclusively from copper and silver giant KGHM. Additionally, D...

Locked content KGHM abandons stage II Sierra Gorda development

WSE-listed copper and silver producer will not be seeking to continue the second phase of development of its Chilean Sierra Gorda copper mine. “In current macroeconomic situation, the further development of the mine has lost its purpose. It is not being considered at this moment,” KGHM CEO Radosław ...

Locked content Poland’s KGHM Q1 net rises to PLN 398 mln

WSE-listed copper and silver miner KGHM, posted a consolidated PLN 398 million net compared to PLN 161 million the company reported a year ago. The revenue from sales amounted to PLN 4.9 billion, up from PLN 3.91 billion y/y, while EBITDA stood at 1.07 billion up by 119 percent y/y. The good results...

Locked content KGHM committed to Chile for long-term – CEO

WSE-listed state-owned copper and silver giant KGHM will not abandon its Chilean investment in Sierra Gorda, despite a PLN 4.33 billion write-off on the project last year. “We want to be here. Our engagement in Chile is long term. Now we see real progress,” company’s CEO Radosław Domagalski-Ła...