Metals News
KGHM Budgets 2012 Copper Price at $8,000 per Tonne
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LUBIN, Poland Jan 27 (Reuters) - Polish copper and silver miner KGHM set the average annual copper price in its budget for 2012 at $8,000 dollars per tonne and the average silver price at 30 dollars per ounce, its chief executive told Reuters on Friday.

He added the average dollar/zloty exchange rate was budgeted at 3.0 zlotys.

"Assumptions for the 2012 budget are not fully complete as we are waiting for final solutions concerning the mining tax," Herbert Wirth said, calling the assumptions made by KGHM for prices of metals "conservative".

The miner is still to define the size of its planned output, expenses on investments, as well as revenues and earnings.


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