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(Kitco News) - Polish mining giant KGHM, a major global producer of copper and silver, reported on Wednesday that Q1 2023 copper extraction and production by its domestic assets in Poland exceeded the budget targets.
The company said that in Q1 2023, its copper production in concentrate in Poland increased by 0.5% y-o-y to100,500 tonnes, while silver production in concentrate increased by 2.5% y-o-y to 338.6 tonnes.
In the first quarter of 2023, KGHM recorded a 7% increase in group revenues to PLN 9,585 million (EUR 2,039 million) compared to PLN 8,993 million (EUR 1,935 million) in the first quarter of 2022.
The company also reported group profit for the period of PLN 164 million (EUR 35 million) and total comprehensive income of PLN 26 million (EUR 6 million). This compares to a profit of PLN 1,899 million (EUR 409 million) and total comprehensive income of PLN 1,560 million (EUR 336 million) in Q1 2022.
According to a press release, a decrease in the company’s profitability in Q1 2023 was primarily due to an increase in the cost of sales, selling costs and administrative expenses.
“KGHM has a solid position in the world’s markets and continues its develop directions, we are especially pleased with our copper and silver production in Poland. The difficult macroeconomic conditions only serve to accelerate projects to improve the efficiency of extraction and to ensure the company’s energy and financial security. We are focused on gaining access to further deposits in Poland, we completed the sinking of the GG-1 shaft and are advancing preparations to build the GG-2 shaft. We have interesting investment plans, including projects related to environmental and green energy questions,” said Tomasz Zdzikot, President of the Management Board of KGHM Polska Miedz S.A.
KGHM's mines and processing facilities located on three continents – Europe, the North and South America. With its control of over 38 million tonnes of copper ore resources worldwide, KGHM is recognized as one of a global mining industry leaders.
The company's portfolio also includes new metals like molybdenum, palladium and nickel, which helped KGHM to join the international community of multi-resource companies.
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