September 7, 2016 / 3:22 PM / 2 years ago

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

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)

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