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KGHM rules out sale of Sierra Gorda copper mine in Chile

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KGHM rules out sale of Sierra Gorda copper mine in Chile

KGHM Polska Miedź SA President and CEO Marcin Chludzinski ruled out the sale of the company's Sierra Gorda copper mine in Chile, Reuters reported March 15.

The Polish miner owns 55% of the mine, while the rest is held by Sumitomo Corp. and Sumitomo Metal Mining Co. Ltd.

The company is trying to rebuild Sierra Gorda's value amid high production costs and other issues, according to the news wire. Earlier in March, KGHM announced that it would reverse part of an impairment loss on US$194.9 million in loans granted to the Sierra Gorda JV.

In August 2018, a US$2 billion expansion plan for the project secured environmental approval from Chilean regulators. The upgrade is expected to increase the daily copper ore output to about 130,000 tonnes this year from the current 110,000 tonnes of ore per day.

KGHM swung to a profit of 682 million Polish zlotys in the fourth quarter of 2018, from a loss of 134 million zlotys in the year-ago period.

As of March 15, US$1 was equivalent to 3.80 Polish zlotys.