KGHM with $1.242 bln in impairments against foreign assets

WSE-listed silver and copper producer KGHM will write $1.242 billion in impairments including tax impact against foreign assets, including $1.03 billion for its Chilean mining operations in Sierra Gorda, the firm said in a market filing. Besides the Chilean copper mine, the impairments include, company's three North American mines and result from new lower estimates on copper prices plus revised views to mine lifespan, production volumes, reserves, costs and ensuing reductions in planned lifetime CAPEX, management said. The expected life of the Sierra Gorda is now estimated at 24 years instead of 40, while copper production is expected to reach 4.35 million metric tons instead of 10.75 million.