KGHM Reports Mixed Production and Sales Figures for May

KGHM, a major player in the mining industry, released its preliminary production and sales results for May, showing a mixed performance across various metals.

The production of payable silver stood at 119.1 tonnes, marking a 4% decrease from the same period last year, which translates to a reduction of 4.7 tonnes. Silver sales saw a more significant decline, dropping by 17% year-on-year to 90.6 tonnes.

In contrast, the company reported positive trends in its copper segment. KGHM’s copper sales increased by 11% year-on-year, reaching 61,900 tonnes. Payable copper production also saw a 4% rise, maintaining the same volume at 61,900 tonnes.

Total Precious Metals (TPM) production experienced an 11% growth, reaching 14,700 troy ounces, an increase of 1,800 troy ounces from the previous year. TPM sales surged by 29%, amounting to 13,800 troy ounces.

However, the production of molybdenum faced a sharp decline, falling by 60% to 20,000 pounds compared to the same period last year. Despite this significant drop in production, molybdenum sales remained stable at 200,000 pounds, consistent with the sales figures from May 2023.