KGHM will not use the pre-emptive right to purchase shares in Sierra Gorda and is ready to cooperate with new partners in this investment, KGHM President Marcin Chludziński told PAP Biznes. As he added, KGHM is now focusing, among others, on on investments in the field of energy.
KGHM announced in a press release that it will not exercise its pre-emptive right to purchase shares in the Sierra Gorda SCM joint venture owned by Sumitomo Metal Mining and Sumitomo Corporation, and the decision is in line with the group’s current strategy and will enable the implementation of other strategic development projects and investment challenges.
“We have strategic projects ahead of us, primarily in the field of energy. Small nuclear reactors and renewable energy projects are our key tasks for the coming years. We will achieve energy independence by 2030. That is why we focus on our assets and on significantly increasing their efficiency. also on the development of the resource base in Poland. In line with the current strategy, we care for the long-term, but safe growth of the company “, President Marcin Chludziński told PAP Biznes.
“We have spectacular increases in production in Sierra Gorda thanks to an effective management change, introduced reforms and a great team of managers from Poland. We are ready to work effectively with new potential investment partners” – added the president of KGHM.
The Japanese Sumitomo concern is a co-owner, together with KGHM, of the Chilean Sierra Gorda mine. It has 45 percent there. shares, and KGM owns the remaining 55 percent. Pursuant to the agreement, KGHM had the pre-emptive right to purchase shares from Sumitomo should the company decide to exit the investment.
In October, South32 announced that it would buy a stake in Sierra Gorda from Sumitomo. According to the presentation of the Australian company, USD 1.55 billion will be paid on the trade date, with an additional USD 500 million dependent on copper price developments and payable over four years.
South32 is a company in the mining and metal industry. It has branches in Australia, South Africa and South America. It produces, among others aluminum oxide, aluminum, nickel, zinc, lead.
Sierra Gorda’s adjusted EBITDA in the third quarter of 2021 – in proportion to 55% shares held in KGHM – amounted to PLN 759 million compared to PLN 835 million in the second quarter. The company’s revenues amounted to PLN 1,133 million. (PAP Biznes)
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