KGHM 2003-2006 strategy unlikely to bring any surprises

Today the management of copper conglomerate KGHM Polska Miedz will present their 2003-2006 strategy for the development of the capital group. The main objectives are to concentrate on mining activities and production of copper, reducing costs by 10% and liabilities. KGHM is hoping to win a concession to mine new domestic deposits, which will be excavated using the most modern techniques. The company also intends to start co-operation with foreign mining and metallurgic partners and invest in deposits characterized by low excavation costs. KGHM will seek new sources of revenues. It does not intend to sell its 19.6 % stake in mobile phone operator Polkomtel, as it sees these shares as a financial tool which has a variety of uses. However, it plans to exit from local telephone operator Telefonia Dialog. (Parkiet, p. 3) M.M. Receiver disappears to later reappear in court claiming DWWS can pay its debts A receiver of bankrupt Dom Wydawniczy Wolne Slowo (DWWS) Mariusz Hinz who went missing and was wanted by the prosecutor, yesterday appeared in court. DWWS bankruptcy proceedings started in December 2002 after a request from the journalists of Zycie and Prawo i Gospodarka. Mariusz Hinz claimed, "The company has not ceased to pay its liabilities, as it is my job to secure the interests of all the parties involved. Bankruptcy would mean that the tax office and employees would be first in line to get their money, but the company is able to pay everyone." He also admitted that he was not prepared for the hearing as he had little time to read DWWS's financial data. The company has liabilities of several million zloty but, "We have huge re ceivables. At least zl. 2 million can be collected very fast." (Gazeta Wyborcza, p. 21) M.M.