KGHM mulls foreign share issue
KGHM Polska Miedź is planning a share issue on foreign markets to raise capital for new investments, the company’s CEO Herbert Wirth has said.
The stock issue is a mid-term perspective, with Wirth saying that “we won’t be making that decision tomorrow,” adding that such a move is on the cards, however.
Wirth said that such a move needs market optimism, which is lacking in the macroeconomic environment. “Because of this [the share issue] is not such a good idea at present. It will be on the cards once we finish our current projects,” he added.
In June last year, Wirth said that the company is considering the relisting of KGHM International, or a dual listing in London, stating that “we would issue shares of KGHM Polska Miedź under the valuation of KGHM International assets.”
KGHM is the largest producer of silver and the eighth largest producer of copper in the world, with access to the fourth-largest global copper reserves. The company has a wide portfolio of projects, in Poland, Canada, Chile and the USA.
