Incoming KGHM president outlines company's new business strategy

The new president of copper concern KGHM has announced that there will be no fast consolidation of mines and steel mills owned by the mining company. "So far I haven't seen an analysis which would justify such an undertaking," said company president Stanislaw Specznik. The new head of KGHM has also announced that the company will put into practice a new cost saving program thanks to which it will be able to lower the production costs of copper to $1,450 per ton. "We are in a position to reduce costs by some 10%," assured Specznik, who went on to say that KGHM doesn't intend to get rid of its 19.6% stake in Polkomtel. "Polkomtel turned out to be a good investment and we are not going to back out. If somebody wants to sell a stake in Polkomtel we will take the offer into consideration." KGHM is also planning to restructure another operator, Telefonia Lokalna (TL), which is 100% owned by the copper company. "If TL accumulates 400,000 subscribers it could bring a small profit," said Specznik. (Puls Biznesu, p. 8; Parkiet, p. 1) A.Z.