KGHM copper&silver producer posts best H1 net financial result in decade

Poland's KGHM copper and silver mining corporation recorded its best financial results in a decade in H1 2021 despite the on-going coronavirus pandemic, according to a company report.

"The net financial result at PLN 3.7 billion (EUR 822 million) was five times higher than the one recorded in H1 2020," KGHM wrote on Tuesday.

"KGHM closed H1 2021 with EBITDA which was twofold higher, and revenues increased by over PLN 3.5 billion (EUR 777 million)," KGHM Polska Miedz (Polish Copper) CEO Marcin Chludzinski was quoted as saying.

The production of payable copper grew in H1 by 8.6 percent year on year to 381,000 tonnes in the KGHM Group, and by 4.4 percent to 293,000 tonnes in KGHM Polska Miedz.

Based in Lubin, south-western Poland, KGHM (Kombinat Gorniczo-Hutniczy Miedzi) is a Polish multinational corporation employing about 34,000 people worldwide. It is one of the world's largest copper producers. It also produces other metals - not only silver, but also gold, molybdenum, rhenium, lead, sulphuric acid, copper sulphate, nickel sulphate and technical selenium.

KGHM operates nine open-pit and underground mines in Poland, Canada, Chile, Canada and the US.