Miner missing in Rudna mine is alive!
KGHM Mining News
Originally 14 were missing, but some were rescued within several hours of the tremor.
"We refer to lower end of copper price range forecast by analysts and we assume an average copper price at $6,100-$6,300 per tonne."
KGHM will deliver updated strategy by year-end and it has no plans to sell foreign assets.
Expansion and upgrades would extend the mine’s life by 21 years.
The company also said it plans to reduce investment in oversees assets and focus on domestic operations.
Roberto Venegasa, an employee of equipment supply firm Finning, died during routine maintenance work at the mine, the company said.
Net profit for the first three months of the year stood at 439 million zlotys ($121.08 million), compared with the 453 million zlotys expected by analysts.
The CEO also forecast that the copper price will exceed $7,000 by the end of this year, as analysts at Bank of China expect.
KGHM also said in a statement that silver sales fell in the same quarter by 16 percent to 212.6 tonnes.
The miner expects daily copper ore output at its Chilean mine Sierra Gorda to increase by 18% next year from current levels.
The state-run firm also said that this year's output of electrolytic copper from its own concentrates will be 35,000 tonnes than the planned 401,000 tonnes due to an accident at its smelter.
"I think that the third-quarter results will confirm that the full-year EBITDA will be higher than last year," says KGHM CEO Radoslaw Domagalski-Labedzki
The Polish company, Europe's second-largest copper producer, said that given current macro conditions the plan had lost sense.
A prospective copper-gold mine in south-central British Columbia has been handed a setback by local First Nations who oppose the project.
The accident happened at the Polkowice-Sieroszowice mine when part of a ceiling collapsed.
Shares in Europe's second-largest copper producer jumped as much as 4.7% on Monday after posting earnings at overseas units that helped the Polish miner beat analysts estimates for the first-quarter profit.
The infractions include not implementing measures to control emissions, altering the natural habitat for native wildlife, and operating a tailings dam in an unauthorized fashion.
The London Metal Exchange’s three-month copper contract fell as much as 1.4%, the most since Feb. 10, to $4,580 a metric ton.
The fresh collapse dragged main producers down, with BHP Billiton, the world’s largest miner, hitting a decade-low.
A start up building worksite management technology for miners.
In the face of weak commodity prices, KGHM International will shut down the McCreedy West Mine next month, the union representing representing workers there told the Sudbury Star on Sunday.
“It took us one year to regain our leadership position in the silver market."
Majority owner KGHM International also said it is sticking to its commitment to invest US$9 billion over the next five years.
In the official opening the firm said it expected to start shipping from Sierra Gorda in November