KGHM Sees Tougher 2009
KGHM, Europe’s top copper miner, believes 2009 will be much more difficult as the lower demand for copper will impact their revenues. They are anticipating a consumer driven market with strong supply.
Pawel Puchalski, analyst with BZ WBK in Warsaw, commented on KGHM’s current standings.
It’s not that the company will sell less copper, but that it will sell the metal at market prices,” he added. “With the currency trading at 2.5 zloty per dollar, KGHM needs copper at $5,250 per tonne to be at par on the net profit level in 2009.”
Find the article in full here.
The price of copper dropped to $5,282 on Wednesday.
The metal is down 41 percent from a record high in July, threatening KGHM 2008 guidance.
Find the complete article here.
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Wed, Oct 8, 2008
Post by Mike Rodger, Copper Reporter