Polish mining giant KGHM reports lower copper, silver and … – Kitco NEWS
Follow us on:
Follow us on:
Follow us on:
Kitco News
Share this article:
Welcome to Kitco News’ 2023 outlook series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023.
(Kitco News) – Polish mining group KGHM, one of the world’s largest producers of copper and silver, today reported that its November 2022 payable copper production amounted to 59.1 thousand tonnes, down 2% compared to November 2021.
The company said that the decline in its copper output was due to lower copper content in processed ore at the Robinson mine and sale of the Franke mine in April 2022, as well as lower copper content in processed ore at Sierra Gorda, while its copper production in Poland increased by 6%.
The company’s production of payable silver amounted to 67.4 tonnes in November 2022, which is 49% lower than in the corresponding month of 2021 primarily due to maintenance at the Precious Metals Plant in Poland.
KGHM also produced 13.6 thousand troy ounces of precious metals (November 2021: 13.1 thousand ounces) and 0.1 million pounds of molybdenum (November 2021: 0.5 million pounds).
The company said that the decrease in production of molybdenum by Sierra Gorda was mainly due to the planned extraction from mining zones with a lower content of this metal compared to 2021 as well as to lower molybdenum recovery.
According to a press release, in the period January-November 2022, production of copper, silver and molybdenum by KGHM was above the levels set in the budget.
KGHM’s mines and processing facilities located on three continents – Europe, the North and South America. With its control of over 38 million tonnes of copper ore resources worldwide, KGHM is recognized as one of a global mining industry leaders.
The company’s portfolio also includes new metals like molybdenum, palladium and nickel, which helped KGHM to join the international community of multi-resource companies.
For Kitco News
Interactive Chart
Kitco
Connect
Tools
We appreciate your feedback.
How can we help you? 1 877 775-4826
Drop us a line info@kitco.com
