January 3, 2017 / 10:44 AM / 2 years ago

Polish copper firm KGHM should keep its foreign assets - minister

WARSAW, Jan 3 (Reuters) - Poland’s KGHM, which is one of the world’s biggest copper producers, should not sell its foreign assets, Polish minister Henryk Kowalczyk said on Tuesday.

The state-run and Poland-focused company invested overseas for the first time in 2011 when it bought Canada’s Quadra FNX, for C$2.87 billion ($2.14 billion), the largest ever foreign acquisition by a Polish company.

But the expansion has since been questioned by the conservative party PiS, which was elected in 2015. KGHM has put its oversees assets under review and said it would decide what to do with them by the end of the first quarter of 2017.

“There should definitely be no decision to sell the assets,” Kowalczyk, who supervises KGHM, said, adding that a potential sale would mean a “huge” loss for the company.

KGHM’s key foreign asset is Sierra Gorda copper mine in Chile. (Reporting by Anna Koper; Writing by Agnieszka Barteczko; Editing by Lidia Kelly)

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