Polish copper producer KGHM's output fell by 6pc on the year to 169,000t in January-March, as planned maintenance at its Glogow II smelter and the sale of a Canadian mine offset a jump in production at Chile's Sierra Gorda mine.
The company's Polish assets produced 99,400t of copper concentrate, while electrolytic copper production reached 134,000t — both in line with company targets.
Production at KGHM's 55pc-owned Sierra Gorda mine in Chile rose by 22pc to 20,800t, aided by higher ore grades and increased recovery rates.
But copper output at KGHM International — responsible for assets in North America — fell by 10pc to 14,400t, following the sale in February of Canada's McCreedy West mine and lower recovery rates at the US' Robinson mine.
KGHM said its production was "in line with budget targets", and that its diversified sales strategy had supported revenues, which rose by 8pc to 8.9bn zlotys ($2.35bn).
Despite the drop in overall production, revenue was underpinned by a steady rise in copper prices, owing to tight concentrate supply and logistical disruptions.
The three-month LME copper contract averaged $9,411/t in January-March, up from $8,537/t a year earlier.
The producer plans to invest over 3.8bn zlotys in 2025, with a continued focus on underground development and shaft sinking.
