November 10, 2016 / 12:42 PM / 2 years ago

BRIEF-KGHM CEO says priority is to streamline foreign assets

Nov 10 (Reuters) - KGHM Polska Miedz :

* The chief executive of Europe’s No.2 copper miner, Poland’s state-run KGHM, said on Thursday his priority is to streamline the organisation and costs of the group’s foreign assets.

* “The No. 1 priority is to put into order the organisation and costs of our foreign assets,” newly-appointed Chief Executive Radoslaw Domagalski-Labedzki told a news conference.

* KGHM booked a record $1.3 billion writedown on its foreign assets last year as a result of lower copper prices, with the largest drag coming from its Sierra Gorda mine in Chile.

* Domagalski-Labedzki also said he had no knowledge about whether Japan’s Sumitomo was considering withdrawing from the Sierra Gorda project in which it has invested jointly with KGHM.

* KGHM’s share price was up 7.7 percent as of 1227 GMT, boosted by a sharp rise in copper prices. Further company coverage: (Reporting by Marcin Goettig; editing by Jason Neely)

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