LMEWEEK-Copper producer KGHM says not planning to suspend more operations
By Olivia Kumwenda-Mtambo
LONDON Oct 12 (Reuters) - Polish copper miner KGHM does not plan to suspend more production, put projects on hold or sell assets as the industry battles sinking prices, its chief executive told Reuters.
KGHM, Europe's No. 2 copper producer, put its McCreedy West copper mine in Canada on "care and maintenance" - suspending but not shutting down operations - last month as part of a cost-cutting plan.
"At this point, we are not planning to put any more assets on care and maintenance, we are not planning to sell any assets, not planning to limit our investment spending and we are not putting on hold any of our projects," said CEO Herbert Wirth.
"We don't want to survive, we want to develop."
Major miners including Glencore and U.S.-listed Freeport have also cut production as prices fall towards levels where some operations are no longer economically viable.
Copper prices have rebounded from six-year lows below $5,000 touched in August, helped partially by planned production cuts.
Benchmark three-month copper on the London Metal Exchange was at $5,334.5 a tonne by 1200 GMT on Monday.
Wirth said he expected copper prices of between $5,000 and $5,200 a tonne next year, with the state of the Chinese economy and U.S. Federal Reserve's interest rates decisions expected to remain key drivers of markets. Continuación...