KGHM copper output in September was below plan

KGHM Polska Miedź S.A. reports that in the period from January to September 2020, production of copper by the Group was below plan, due to lower mined production, a limited supply of scrap (in the first half of 2020) in KGHM Polska Miedź S.A. and lower production by KGHM INTERNATIONAL LTD.

The volume of copper sales achieved was in line with budget targets. The decrease in the production and sales of silver compared to the budget targets was mainly due to lower silver content in ore processed in Poland. In the case of the other main products, production and sales were above the planned budget targets.

Production of the KGHM Group:

 Production of payable copper amounted to 54.9 thousand tonnes, or a decrease versus the corresponding month of 2019 by 3.7 thousand tonnes (-6%). The decrease in production was in respect of KGHM Polska Miedź S.A. (-4.1 thousand tonnes) and was mainly due to the maintenance shutdown at the Głogów I Copper Smelter
and Refinery, and in KGHM INTERNATIONAL LTD. (-1.6 thousand tonnes) mainly due to mining in areas with lower quality ore at the Robinson mine. Improvement was recorded in Sierra Gorda (+2.0 thousand tonnes) due to the higher copper content and volume of ore processed.

 Production of silver amounted to 121.0 tonnes, or at a level comparable to the one achieved in September 2019.

 Production of TPM amounted to 16.2 thousand thousand troy ounces, or a decrease by 2.4 thousand troy ounces (-13%) mainly due to lower precious metals content in ore extracted by the Sudbury Basin mines and by the Robinson mine.

 Production of molybdenum amounted to 0.5 million pounds. The decrease in production by 0.2 million pounds (-29%) was due to the lower content of this metal, and to the lower volume of ore processed, in the Sierra Gorda mine.

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