KGHM share price up as government holds back on sale

The share price of domestic copper-mining company KGHM was on an upswing yesterday after Treasury Minister Wieslaw Kaczmarek's statement that the Ministry does not plan to sell its stake in the concern in the near future. During yesterday's Warsaw Stock Exchange (WSE) session, KGHM shares reached as much as zl.13.60 each and ended the day at zl.13.40, a 1.5% increase on the day. A total of 1,129,000 shares changed hands. According to analysts, improvements in the copper-mining sector have played a significant role in the price increase. The previous cabinet wanted to float a 10% stake in KGHM on the WSE, but due to bad sector conditions, the plan was never finalized. Kaczmarek said the sale of KGHM shares will be possible only after the company presents concrete development plans. The company is announcing changes inside its capital group aimed at lowering costs, which would include reducing employment levels. (Prawo i Gospodarka, p. 10) P.J.