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KGHM's daily copper ore output to rise 18% at Sierra Gorda mine

KGHM Polska Miedz SA expects the daily copper ore output from its Sierra Gorda mine in Chile to rise 18% to about 130,000 tonnes in 2019, Reuters reported March 16.

Current copper output at the mine is about 110,000 tonnes of ore per day.

KGHM CFO Stefan Swiatkowski said molybdenum output will start declining at the mine from 2019 due to geological issues. He also said electrolytic copper production may increase to 400,000 tonnes per annum in the next few years from 358,000 tonnes in 2017 but did not specify a timeline.

Meanwhile, the CFO said that this year, KGHM will invest over 2 billion Polish zlotys in Poland.

KGHM narrowed its net loss to 134 million Polish zloty in the fourth quarter of 2017 from 5.08 billion zloty in the prior year-ago period as a result of lower impairments of 310 million zloty recorded in the period, compared to 5.3 billion zloty in the fourth quarter of 2016.

As of March 16, US$1 was equivalent to 3.43 Polish zlotys.