Make Kitco Your Homepage

Poland's KGHM sees output continuing despite mine closure risk due to COVID

Kitco News

WARSAW, Nov 19 (Reuters) - Poland's KGHM , one of the world's biggest copper and silver producers, said on Thursday while there was a risk of closing some mines or smelters due to COVID-19 infections among workers, overall production would continue. KGHM owns mines and smelters in Poland, as well as mines in Chile, Canada and the United States.

"Our business is naturally diversified. We have not one mine, but a few mines and thus we take into account that there might be a break in production in some of the mines. But during that time the remaining mines will be working. This means that it is actually impossible that the whole mining and smelter production will stop," said Katarzyna Kreczmanska-Gigol, KGHM Chief Financial Officer told a press conference.

KGHM reported a net profit of 472 million zlotys for the third quarter compared to 603 million seen in Reuters poll.

Speaking at the conference KGHM deputy head in charge of production said the company saw annual capex at 2.0-2.5 billion zlotys in coming years.

(Reporting by Agnieszka Barteczko; editing by David Evans) Messaging:

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.