KGHM Reports Stable Copper Sales and Production in October

KGHM Reports Stable Copper Sales and Production in October

Copper Sales and Production Overview

KGHM Polska Miedz (KGHM Polish Copper) maintained stable copper sales in October, reaching 59,600 tonnes, matching the level from the previous year. However, there was a slight 3 percent decrease in payable copper production compared to the same period last year, totaling 58,700 tonnes.

Performance Across Divisions

The stable copper sales are attributed to increased sales at KGHM Polska Miedz, which offset lower sales at KGHM International Ltd. and Sierra Gorda S.C.M. For the first ten months of 2023, KGHM Group’s payable copper production experienced a decrease, falling to 585,900 tonnes from 618,200 tonnes in the previous year. Copper sales also saw a slight decline, dropping to 590,600 tonnes from 596,600 tonnes.

Silver Production Surpasses Expectations

Notably, silver production within the KGHM Group exceeded the budget by 6 percent, contrasting with the 2 percent shortfall in copper production, primarily due to reduced output at KGHM International in the initial three quarters of the year. October’s silver production reached 119,700 tonnes, marking a 2 percent increase year-over-year.

Other Metals Production

The production of Total Precious Metals (TPM) in October was 14,900 troy ounces, showing an 18 percent decrease compared to the same month in 2022. This reduction was observed across all operating segments. Conversely, molybdenum production increased to 30,000 pounds, up from 20,000 pounds in October of the previous year. However, an unplanned shutdown of the molybdenum plant at Sierra Gorda impacted the October production figures.

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