Poland's KGHM plans dividends at up to one third of profits

Mon Jan 26, 2015 11:49am EST
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WARSAW Jan 26 (Reuters) - Europe's No.2 copper producer KGHM plans to pay out dividends of up to one third of its annual stand-alone profits, the company said in a on Monday.

The state-controlled miner, also the world's largest silver producer, plans to increase its annual copper output to more than 1 million tonnes by 2020, it said in a strategy for 2015-2020 published separately.

KGHM said it sees the average copper price at $7,600 a tonne in 2015-2020.

It expected the copper price to be $6,800 in 2015, unchanged from last year.

(Reporting by Agnieszka Barteczko; editing by Susan Thomas)