KGHM says cost of launching Sierra Gorda mine reached $4.16 bln

Mon Aug 4, 2014 9:22am EDT
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WARSAW Aug 4 (Reuters) - Europe's No.2 copper producer KGHM Polska Miedz said on Monday that the final cost of launching production at its Chilean Sierra Gorda mine reached $4.16 billion.

"Today I can say that the cost of launching (production at Sierra Gorda) amounted to 4.156 billion dollars," KGHM Chief Executive Herbert Wirth told a news conference.

The cost of getting production underway at Sierra Gorda has been over a third more than KGHM initially expected, while falling global copper prices have hit the company's profits. (Reporting by Adrian Krajewski; Writing by Marcin Goclowski)