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KGHM CEO says wary of contributing to Poland's coal bailout

Published 2015-07-31, 07:31 a/m
© Reuters. KGHM CEO says wary of contributing to Poland's coal bailout
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WARSAW, July 31 (Reuters) - Polish state-controlled copper
miner KGHM KGH.WA grows wary of its potential contribution to
Poland's special industry fund, aimed mostly at bailing out the
troubled local coal miners, KGHM chief executive said.
Last week, sources told Reuters that KGHM was among at least
three major companies which Poland persuaded to contribute to a
bailout fund worth 6 billion zlotys ($1.6 billion).
ID:nL5N1002OW
The news sent KGHM shares to a 3.5-year low, as it added to
the miner's struggles with multi-year lows on the copper price
CMCU3 .
"We have received a question whether we could contribute in
the fund and we answered that we were considering it," KGHM CEO
Herbert Wirth told Reuters.
"I reiterate that it is a good idea, but taking into account
the current situation on international markets and its influence
on KGHM, I'm more and more sceptical about our contribution. One
should not bite off more than one can chew," he added.
($1 = 3.7723 zlotys)

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