Listed copper producer KGHM plans to update its group strategy by the end of the third quarter, as confirmed by CEO Andrzej Szydlo during a press conference. “The projections for the end of the third quarter in terms of updating the strategy are still valid,” Szydlo reiterated.
Addressing potential acquisitions of photovoltaic (PV) farms this year, Szydlo stated, “In order to make purchases, it is necessary to have such projects budgeted, but we do not rule out acquisitions in case of opportunities in the market.
“In the first quarter of 2024, KGHM’s capital expenditure on property, plant, and equipment amounted to PLN 652 million (EUR 152.9 million), reflecting a 2 percent increase year-on-year. Deputy CEO Zbigniew Bryja acknowledged that the investment plan has not been fully executed, but emphasized that planned expenditures will be incurred in subsequent periods. “The implementation is not fully executed, but this does not mean that we have abandoned purchases. There will be a shift,” he said.
The budget for 2024 allocates CAPEX of PLN 3.95 billion (EUR 926.3 million) for KGHM Polska Miedz.
In terms of production, KGHM’s payable copper output in the first quarter of 2024 was 179,000 tonnes, a 2 percent increase compared to the same period the previous year. Copper production in concentrate at domestic assets amounted to 102.5 thousand tonnes, an increase of 2.0 thousand tonnes (+2 percent). Electrolytic copper production, however, was 146.2 thousand tonnes, a decrease of 2.9 thousand tonnes from the first quarter of 2023.
The KGHM International segment recorded a significant 100 percent year-on-year increase in production, reaching 16 thousand tonnes. At Sierra Gorda, copper production was 17.0 thousand tonnes (considering KGHM’s 55 percent interest), marking an 11 percent year-on-year decline due to lower copper content in ore and reduced metal yield.
When asked about the full-year targets for Sierra Gorda, Deputy CEO Miroslaw Laskowski expressed confidence, stating, “We assume that the budget targets will be met, with the exception of molybdenum production.” 
