KGHM to sell copper mines in US, Chile – Reuters

Poland-based miner KGHM Polska Miedz SA plans to sell the Carlota copper mine in Arizona and the Franke copper mine in Chile, Reuters reported Dec. 20, citing Pawel Gruza, KGHM's vice president of the management board for international assets.

"One process is likely to be completed soon. In the near future, this may be within a few months. The second one may take longer. I think [it's] possible next year," Gruza told Reuters.

KGHM may divest other mines that do not fit with the company's ambitions. "We should focus on medium and large projects," the executive said.

The company does not plan to sell the Robinson copper mine in Nevada or its 55% stake in the Sierra Gorda copper operation in Chile, the report said.

In October, South32 Ltd. agreed to buy a 45% stake in the mine from Sumitomo Metal Mining Co. Ltd. and Sumitomo Corp. for an up-front consideration of $1.55 billion and up to $500 million in contingent price-linked consideration.

"I believe that Sierra Gorda's development plans will not be significantly changed by the mere fact of a new investor entering," Gruza said.