KGHM continues its good cooperation with Sumitomo

The President of the Management Board of KGHM Polska Miedź, Krzysztof Skóra, and Vice-President of the Management Board of KGHM (Development), Miroslaw Biliński, met with representatives of their Japanese partner in the Sierra Gorda project. The current operational and financial situation of the project was discussed, as were the challenges that the project is currently facing.

“Sierra Gorda is an essential foreign asset of KGHM, while the current turbulence on the commodities markets and the mine's operational challenges directly affect the financial standing of Sierra Gorda and its shareholders. We agreed that we would jointly make every effort to allow the mine to overcome challenges on the road to achieving target production capacity, and obtaining financial independence,” said Krzysztof Skóra, President of the Management Board of KGHM.

The partners have a coherent view of the current state of the Sierra Gorda project. They jointly agreed on the steps they would take to effectively manage Sierra Gorda SCM given the low prices of copper and molybdenum.

“Overcoming the current challenges is the basis for taking subsequent, strategic decisions concerning the mine. We want to maintain our strategic relations with Sumitomo,” assures Mirosław Biliński, Vice-President of the Management Board of KGHM.

KGHM has a 55 percent stake, and the Sumitomo group 45 percent, in the joint venture company Sierra Gorda SCM.

Department of Communication and CSR 

KGHM Polska Miedź SA