BRIEF-KGHM to mull takeovers only when oversees assets bring profits

Wed Sep 7, 2016 8:38am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

Sept 7 (Reuters) - KGHM :

* Polish copper producer KGHM will consider further acquisitions only when profits at its current mining projects in Canada and Chile are "satisfactory" the company's chief executive officer said on Wednesday.

* The state-run, Poland-focused company tapped foreign markets for the first time in 2011 when it bought Canada's Quadra FNX for C$2.87 billion, the largest ever foreign acquisition by a Polish company.

* This year KGHM reported writedowns of $1.3 billion on its foreign assets due to falling metal prices, with the largest hit coming from Chilean copper mine Sierra Gorda. (Reporting by Marcin Goettig; writing by Agnieszka Barteczko; editing by Jason Neely)