KGHM sees output continuing despite the pandemic

Głogów copper smelter and refinery Image courtesy of KGHM

Poland’s KGHM, one of the world’s biggest copper and silver producers, said on Thursday while there was a risk of closing some mines or smelters due to covid-19 infections among workers, overall production would continue.

KGHM owns mines and smelters in Poland, as well as mines in Chile, Canada and the United States.

“Our business is naturally diversified. We have not one mine, but a few mines and thus we take into account that there might be a break in production in some of the mines. But during that time the remaining mines will be working. This means that it is actually impossible that the whole mining and smelter production will stop,” said Katarzyna Kreczmanska-Gigol, KGHM Chief Financial Officer told a press conference.

KGHM reported a net profit of 472 million zlotys ($125 million) for the third quarter compared to 603 million ($159 million) seen in Reuters poll.

Speaking at the conference KGHM deputy head in charge of production said the company saw annual capex at 2.0-2.5 billion zlotys ($530m-$660m) in coming years.

(By Agnieszka Barteczko; Editing by David Evans)



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