March 15, 2019 / 12:09 PM / a month ago

KGHM does not plan to sell Sierra Gorda mine: CEO

WARSAW (Reuters) - Polish mining company KGHM does not plan to sell its Sierra Gorda copper mining project in Chile, its chief executive said on Friday.

Marcin Chludzinski also said state-controlled KGHM, one of the world’s biggest copper miners, does not currently see any further writedowns on foreign assets, after announcing earlier this month that it was reversing part of an impairment loss on Sierra Gorda.

KGHM has a controlling stake in Sierra Gorda, which is also part owned by Japan’s Sumitomo Corp, has been hit by high production costs and other problems.

“At the moment we do not have plans to sell the Sierra Gorda asset, even though the project historically has been difficult we are now managing to rebuild its value,” Chludzinski told reporters after a press conference.

Chludzinski also said KGHM had not yet made a decision regarding its dividend for 2018.

“We have a fixed dividend policy. The scale at which it is paid is always a balance between the interests of the company, that is investment needs... and the interests of shareholders,” he said.

Reporting by Anna Koper, writing by Alan Charlish, editing by Susan Fenton

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below