Polish mining company KGHM's copper production fell in the first nine months of the year, compared with a year earlier, owing to planned maintenance at its Glogow II smelter and refinery, and the February sale of its McCreedy West mine in Canada.
The group's January-September payable copper output declined by 3pc on the year to 526,400t, with third-quarter output down by 2pc on the year to 182,400t.
At its Polish assets, electrolytic copper production dropped by 4.6pc on the year to 421,000t, owing to planned maintenance at Glogow II. Third-quarter output dropped by just 0.07pc on the year to 148,600t.
Production of copper in concentrate from KGHM's domestic assets totalled 304,700t in the first nine months, up by just 0.2pc on the year.
Payable copper output at KGHM International — which is responsible for the group's assets in North America — was 40,600t in January-September, down by 11pc on the year, following the sale of McCreedy West and lower recovery rates and less ore processed at the Robinson mine in the US. Copper production in the third quarter dropped by 29pc on the year to 11,400t.
Payable copper production attributable to its 55pc stake in the Sierra Gorda mine in Chile totalled 64,900t in the first nine months, up by 14pc on the year, primarily because of higher copper content and recovery rates. KGHM's third-quarter copper output was up by 4.7pc on the year to 22,400t at Sierra Gorda.
The company also produced 4mn lb of molybdenum at Sierra Gorda in January-September, up by 95pc on the year.
KGHM's group earnings before interest, taxes, depreciation and amortisation (Ebitda) rose by 16pc on the year to 7.2bn zlotys ($1.97bn), supported by stable revenues of 25.9bn zlotys. Total Ebitda in the third quarter was 2.34bn zlotys, up 18pc on the year.
The three-month London Metal Exchange copper contract averaged $9,583/t in January-September, up from $9,248/t in the same period last year.
