KGHM chief sees high copper prices boosting earnings this year (Reuters/MiningWeekly.com – October 25, 2017)

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WARSAW – Poland’s KGHM, one of the world’s biggest copper and silver producers, will likely improve core earnings this year as high copper prices and output from its mines offset smelter troubles, CEO Radoslaw Domagalski-Labedzki said.

Speaking ahead of quarterly earnings due on November 14, the CEO told Reuters: “I think that the third-quarter results will confirm that the full-year EBITDA will be higher than last year.

“Reaching the seven-billion zlotys EBITDA target in 2021 is absolutely within reach, but would it be possible to achieve earlier? … Logic says this should be possible,” he added, citing copper prices, foreign exchange rates and cost-cutting.

In 2016 KGHM posted core earnings, or earnings before interest, tax, depreciation and amortisation, of 4.67-billion zlotys.

Copper prices rose above $7 000/t last week for the first time in more than three years, as inventories of the metal continue to fall. Three-month copper on the London Metal Exchange traded at $6 979/t by 07:25 GMT on Wednesday.

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