September 5, 2012 / 3:15 PM / 6 years ago

KGHM CEO says to propose 30 pct dividend from 2012 net

KRYNICA, Poland Sept 5 (Reuters) - Europe’s No.2 copper producer KGHM plans to pay out a dividend of around 30 percent of its 2012 net profit, the state-controlled miner’s chief executive told Reuters on Wednesday.

“As management we will want to propose a dividend of 30 percent of the profit we make in 2012,” CEO Herbert Wirth said on the sidelines of the economic forum in the Southern Polish city of Krynica.

“We think that it’s better to use the resources for growth and eventual acquisitions.”

The miner also wanted to pay out 30 percent of its last year’s record profit as dividend, but shareholders approved the state’s motion to squeeze out more than 50 percent, as the government chased down funds to ease its budget deficit. (Reporting by Wojciech Zurawski; writing by Adrian Krajewski)

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