Poland’s biggest copper miner KGHM Polska Miedz posted on Wednesday a net profit of 1.56 billion zlotys ($402.11 million) for the fourth quarter compared to loss of 4.53 billion zlotys a year ago.
Full-year 2024 adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to 8.46 billion zlotys from 5.36 billion zlotys in 2023.
Group revenue for the fourth quarter rose more than 17% to 9.18 billion zlotys, driven mainly by higher silver, gold and copper prices.
“While production was at a similar level year-on-year, the costs of consumption of materials, fuels and energy carriers were reduced,” CEO Andrzej Szydlo said in a statement, adding the company would continue work in this area.
The group plans to allocate 3.80 billion zlotys to capital expenditure on property, plants and equipment this year, slightly lower than the 3.94 billion zlotys spent in 2024.
KGHM expects to produce 392,300 metric tons in concentrate and sell 572,900 metric tons of payable copper, this year.
($1 = 3.8795 zlotys)
(By Anna Banacka and Rafal W. Nowak; Editing by Kirsten Donovan)
