KGHM Sees Chile Project Spending below $4 Bln - Report-Shanghai Metals Market

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KGHM Sees Chile Project Spending below $4 Bln - Report

Industry News 09:21:12PM Feb 06, 2013 Source:SMM

Feb 6 (Reuters) - Polish group KGHM, Europe's No.2 copper producer, expects expenditure on its key Sierra Gorda project in Chile to be below $4 billion, its chief executive was quoted as saying on Wednesday.

Sierra Gorda - one of the world's largest copper projects - became part of KGHM's portfolio last year, when the state-controlled miner bought Canadian rival Quadra FNX, now renamed KGHM International, for C$3 billion ($3 billion).

CEO Herbert Wirth also confirmed market expectations that total expenditure for the project, which KGHM will split with Japanese company Sumitomo Metal Mining, should exceed the planned $3 billion when it launches next year.

"It will be higher, but we still have 13 months before the site is duly accessible," state agency PAP quoted Wirth as saying. "If we see the same trend as we have today and have had in the last few years, I do not think it should surpass $4 billion."

Wirth also said last-year's net profit should be just above its goal of 4.74 billion zlotys ($1.54 billion).

 

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KGHM Sees Chile Project Spending below $4 Bln - Report

Industry News 09:21:12PM Feb 06, 2013 Source:SMM

Feb 6 (Reuters) - Polish group KGHM, Europe's No.2 copper producer, expects expenditure on its key Sierra Gorda project in Chile to be below $4 billion, its chief executive was quoted as saying on Wednesday.

Sierra Gorda - one of the world's largest copper projects - became part of KGHM's portfolio last year, when the state-controlled miner bought Canadian rival Quadra FNX, now renamed KGHM International, for C$3 billion ($3 billion).

CEO Herbert Wirth also confirmed market expectations that total expenditure for the project, which KGHM will split with Japanese company Sumitomo Metal Mining, should exceed the planned $3 billion when it launches next year.

"It will be higher, but we still have 13 months before the site is duly accessible," state agency PAP quoted Wirth as saying. "If we see the same trend as we have today and have had in the last few years, I do not think it should surpass $4 billion."

Wirth also said last-year's net profit should be just above its goal of 4.74 billion zlotys ($1.54 billion).