Poland’s KGHM reported a 5.4% increase in second-quarter adjusted core profit to 3.73 billion zlotys ($1 billion), exceeding analyst expectations of 3.54 billion zlotys. The net profit for the period reached 2.05 billion zlotys, a sharp rise from 250 million zlotys in the same quarter last year.
The company attributed its stronger financial performance to elevated copper prices, which averaged $13,329 per metric ton in Q2, up from $9,524 a year earlier. Domestic electrolytic copper production rose 5.6% year-on-year, supported by improved smelter availability.
Overseas operations, however, declined as KGHM’s U.S. Robinson mine shifted to lower-grade ore, reducing output by 37% to 9,300 tonnes. The mine’s transition to less concentrated deposits weighed on production volumes despite the favorable price environment.
KGHM, ranked among the top 10 global copper miners and the second-largest silver producer, operates as a key player in Poland’s mining sector.
