KGHM suffers from Chinese stock market crash

On August 24, KGHM Polska Miedź recorded a 12.76 percent decline in its stock value at the closing of trading due to "Black Monday" on the Chinese stock market. Decreasing demand for copper in the slowing  Chinese economy caused a serious issue for its world's largest producers, including Polish KGHM. Share price dropped to PLN 73.11, PLN 10.69 less than the level of reference price. Last time, KGHM's stock value was that cheap around six years ago, during the financial crisis. As a consequence, the copper miner capitalization melt to PLN 14.6 billion. On August 11, the Chinese government conducted devaluation of the yuan and this could be one of the causes of the crash, experts claimed.