WARSAW Feb 6 Polish group KGHM,
Europe's No.2 copper producer, expects expenditure on its key
Sierra Gorda project in Chile to be below $4 billion, its chief
executive was quoted as saying on Wednesday.
Sierra Gorda - one of the world's largest copper projects -
became part of KGHM's portfolio last year, when the
state-controlled miner bought Canadian rival Quadra FNX, now
renamed KGHM International, for C$3 billion ($3
CEO Herbert Wirth also confirmed market expectations that
total expenditure for the project, which KGHM will split with
Japanese company Sumitomo Metal Mining, should exceed
the planned $3 billion when it launches next year.
"It will be higher, but we still have 13 months before the
site is duly accessible," state agency PAP quoted Wirth as
saying. "If we see the same trend as we have today and have had
in the last few years, I do not think it should surpass $4
Wirth also said last-year's net profit should be just above
its goal of 4.74 billion zlotys ($1.54 billion).