KGHM needs to borrow PLN 2.5 bln

Polish stat-controlled copper giant KGHM is looking to borrow PLN 2.5 billion to ensure company’s further growth, said company’s vice-president Marcin Chmielewski. He added that the company hopes to secure necessary credit “within the next month.” According to Chmielewski the loan will be for a maximum five year period. KGHM’s labor union claim that the company has to take such huge loan, biggest one in the miner’s history, because of a copper tax, which costs KGHM some PLN 2 billion annually. The company made PLN 3 billion profit last year, and according to KGHM spokesman Dariusz Wyborski it needs PLN 4 billion for a stable growth.