Polish Mining Giant KGHM Posts Record Copper Prices-Driven Profit

Polish mining giant KGHM exceeded analyst expectations in its second-quarter earnings report. The company posted an adjusted core profit of 3.73 billion zlotys ($1 billion), driven by strong copper prices and increased domestic production.

The average LME copper price for the quarter rose to $13,329 per metric ton, up from $9,524 a year earlier. This increase led to higher smelter availability, resulting in a 5.6% year-over-year growth in electrolytic copper volumes within KGHM's domestic unit.

However, overseas production declined by 37%, attributed to the U.S. Robinson mine transitioning to lower-grade ore.

KGHM's net profit for the quarter jumped to 2.05 billion zlotys from 250 million zlotys in the same period last year.