KGHM’s first-quarter core profit leaps 60%

Reuters | May 14, 2025 | 8:22 am Top Companies Europe Copper

KGHM has no plans to change its stake in Sierra Gorda mine

(Image courtesy of KGHM)

Poland’s biggest copper miner, KGHM Polska Miedz, reported a 60% jump in first-quarter adjusted core profit on Wednesday to 2.49 billion zlotys ($659.55 million), driven by higher metal prices and increased international sales volumes.

At home, the company’s core profit grew almost 40% to 1.25 billion zlotys, as the higher prices offset a fall in production.

Core profit in North and South America, its international arm, rose 87% to 462 million zlotys, mainly on higher sales.

KGHM’s Sierra Gorda joint venture in Chile more than doubled its quarterly core profit from the year earlier period to 672 million zlotys, on higher copper production and higher copper and gold sales.

Total group revenue rose 7.5% to 8.94 billion zlotys, while capital expenditure rose 6% year on year to 692 million zlotys. KGHM said in March that it plans to invest 3.80 billion zlotys in capital expenditure on property, plants, and equipment this year.

($1 = 3.7753 zlotys)

(By Rafal W. Nowak; Editing by David Goodman and Kirsten Donovan)