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Poland’s KGHM, which operates mines in Sudbury, may freeze some projects in Canada or the U.S. if they require big investments, its chief executive told Reuters on Wednesday.
“We are not currently thinking about selling foreign assets,” said Marcin Chludzinski told Reuters. “We’re considering strategies for the next few years.” All of KGHM’s foreign mining projects except those in Chile have been put under review, he said.
“It’s not that we want to or have to sell,” Chludzinski told the news agency. “It’s more that we are looking at these assets as a strategic reserve. We’re considering actions similar to those we took at the Morrison mine (north of Sudbury), which is to freeze a project.”
Another option “is a partnership,” he added. “It doesn’t have to be an international partnership, as there is a lot of capital in Poland too.” In January, KGHM began the process of putting Morrison mine near Levack into care and maintenance mode, throwing more than 100 people out of work. The company blamed a long slump in metals prices for the move.
KGHM also said at the time it would be increasing its operations at McCreedy West Mine where a number of the Morrison employees were to be transferred. McCreedy West has been a profitable operation and KGHM said it is looking to focus on that and maximize its potential.
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