KGHM Looks to Buy Copper Mines

The Financial Times reports that Poland’s KGHM, Europe’s second largest copper producer by output, aims to buy three other copper producers this year – two in Canada and one in South America – as it seeks to drive down production costs.

The news item is quoted as saying:

KGHM plans to invest 9bn zlotys ($3.1bn) this year with about 7.5bn zlotys being used to buy copper producers, Herbert Wirth, chief executive, told the Financial Times.

“For a mining company, the only way to add value is to buy new assets,” he said.

Talks with all three potential targets were advanced.

To read the full news item, click here.