June 23, 2014 / 11:44 AM / 4 years ago

Poland's KGHM says banks ready to lend it $7.5 bln

LUBIN, Poland, June 23 (Reuters) - Banks have offered over $7.5 billion of financing to Europe’s No.2 copper producer, Polish KGHM, its Deputy Chief Executive Officer Marcin Chmielewski said on Monday.

“Banks are very interested in lending money to KGHM. Initial offer from banks exceed $7.5 billion. We want to use this to negotiate a better price,” Chmielewski told reporters.

KGHM was seeking proposals from banks for a possible 5-year loan worth around $2.5 billion, with Poland’s No.1 lender PKO BP seen among the leaders, a source close to the company said in May.

Chmielewski also said that shipments from the new KGHM’s $4 billion Chilean Sierra Gorda mine will be delivered this July or August.

He added that KGHM would be forced to revise its full year financial goals if copper prices stay below the companies goal until the end of August. (Reporting by Wojciech Zurawski; Writing by Marcin Goclowski; Editing by Adrian Krajewski)

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