Polish copper-silver miner KGHM Polska Miedź expects production from all its mines to remain stable through the rest of the year, the company said in its Q3 2020 report.
The group’s copper production fell by 1.7pc in January-September to 521,000mt from 530,000mt in the same period last year. The company attributed the deficit to lower scrap inflows and a maintenance shutdown at its Glogow smelter, which produces cathodes, in Legnica, Poland. However, the group’s Sierra Gorda mine in Atacama, Chile produced 35pc more material this year, offsetting the declines at Glogow.
The company’s consolidated revenue in the nine months ended Sep 30, increased by 2pc to PLN13.36bn ($3.52bn) compared with January-September 2019 as metals prices recovered by Q3 2020. KGHM reported an average realized copper price of $6,078/mt in the first three quarters of the year.
The company’s EBITDA in the first nine months of 2020 amounted to PLN4.4bn compared with PLN4.1bn in the prior-year period.