Polish copper producer KGHM cuts 2017 investment and output targets

The Sierra Gorda mine in Chile, in which Polish copper miner KGHM has a 55 percent stake, produced nearly 36 million pounds of molybdenum in 2017.(Image courtesy of KGHM.)

Polish copper producer KGHM cut its 2017 capital investment to around 510 million zlotys ($141.88 million) from an expected 1.02 billion due to the improving results of its foreign assets, the company said on Wednesday.

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.

KGHM, one of the world’s biggest copper producers, also said that it expects this year’s molybdenum production at its Chilean Sierra Gorda mine to be lower than planned.

The miner said on Tuesday that its consolidated net profit in the third quarter rose by 84 percent to 604 million zlotys on the back of higher copper prices helped by accounting issues. ($1 = 3.5947 zlotys) (Reporting by Agnieszka Barteczko, editing by Louise Heavens)

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