28 C
Supported byspot_img

Poland KGHM secures 1.3 billion USD investment for its Canadian Ajax mine

Member of Europium Groupspot_img
Supported byspot_img
Second biggest European copper producer Polish KGHM plans significant investment in its Canadian copper-gold-silver Ajax mine and no other acquisitions in 2016 due to the metal markets crisis.
Poland’s state-run copper giant KGHM expects to inject $1.3 billion in capital expenditure into building a copper, gold and silver mine in Canada.
The figure is an initial estimate. KGHM, which is Europe’s second-biggest copper producer, expects annual copper production in the project to reach 58,000 tonnes and gold production to hit 125,000 ounces.Construction of the mine will take two-and-a-half years. It will be built near the town of Kamloops in British Columbia.
Reuters earlier reported that Europe’s No.2 copper producer, Poland’s KGHM, expects to book “fair” margins this year and does not plan any acquisitions until 2018, explained its chief executive Herbert Wirth.
“2016 will not be bad for us, we are still capable of generating fair margin, above costs,” he told daily Rzeczpospolita.

He added that low copper prices mean there are chances to buy miners cheaper, but since the metal rout hit its margins, the CEO did not expect any takeovers from Poland’s state-controlled KGHM until 2018.

Supported byElevatePR Digital

Related News

CATL explores $1.5 billion fund to boost global battery supply chain

China's Contemporary Amperex Technology (CATL), the world's largest electric vehicle battery manufacturer, is in discussions with overseas sovereign wealth funds and private offices of...

Securing Europe’s critical raw materials: Addressing funding challenges for sustainable extraction

Bernd Schäfer, CEO of EIT Raw Materials, advocates for substantial investment in Europe's mining sector following the implementation of the Critical Raw Materials Act...

Strengthening global sustainability: The SCMA and critical minerals for climate goals

Canada's Minister of Energy and Natural Resources, Jonathan Wilkinson, together with Sweden's Minister for Energy, Business and Industry, Ebba Busch, announced Sweden's accession to...

Nickel mining and the green energy challenge: Balancing supply with environmental responsibility

Nickel is poised as a critical element in the global shift towards green energy, yet its extraction poses significant environmental challenges, recently highlighted by...
Supported by
Supported by
Supported by
error: Content is protected !!