Metals News
KGHM Puts Off Buys, Sees Quadra Profit above F'casts
industry news
10:06AM
May 24,2012
Source:SMM

WARSAW May 23 (Reuters) - Europe's No.2 copper producer KGHM will put off further foreign acqusitions until 2014 as it concentrates on developing the recently purchased Canadian rival Quadra, whose results it hopes will exceed expectations, its CEO said.

"For now one can say that analysts forecasts, according to which Quadra could show net earnings of 500-600 million zlotys this year, are to my knowledge too low," Chief Executive Herbert Wirth told Reuters in an interview.

He added the miner wants to raise its 11-percent stake in Polish utility Tauron and may invest in more energy companies, also by taking part in privatisations. ($1 = 1.0170 Canadian dollars) ($1 = 3.3959 Polish zlotys)

 

KGHM; acqusitions
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