Copper producer KGHM second quarter profit halved copper production fell in the first half of the year

SMM8, March 17: Poland KGHM, one of the world's largest copper producers, reported a 50% drop in net profit in the second quarter, offset by falling sales, rising costs and provisions.

The average copper price rose 21 per cent in the second quarter from a year earlier, while copper sales fell 7 per cent from a year earlier, the company said.

KGHM also said copper prices in the second quarter of this year were the highest since the first quarter of 2013 at zloty prices.

KGHM also said its electrolytic copper production fell 7 per cent to 171000 tons in the first half of the year, compared with a planned production of 381000 tons for the whole of 2018. Copper production at KGHM's overseas flagship Sierra Gorda copper mine in Chile fell 10 per cent from a year earlier to 25000 tons, compared with the mine's full-year target of 59000 tons.

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