KGHM considers re-launching a flooded mine

06-08-2007, 10:46

Warsaw (Puls Biznesu) – KGHM may again look for copper in a mine flooded in 1980ies. Ledges worth billions of dollars are located there.

Till the end of this month, KGHM, Poland’s listed copper producer, will have analysis stating whether it’s worthwhile reviving Konrad mine near Boleslawiec.

“We have asked for such analysis because the situation on the metal market is good. We want to know if at present copper prices an investment in this region may be profitable”, Radoslaw Poraj-Rozecki, KGHM spokesman said.

Konrad mine was flooded in the 1980ies. There are copper ledges of 57 and 59m tons, a quantity produced by KGHM in two years. Their value may be estimated at USD 4 billion. There are two variants taken into account: either the mine is drained or two new wells made.

“Both are very expensive and cost several dozens or even several hundreds million zloty. Huge amounts of money would be spent”, “PB” source close to KGHM said.





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