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WARSAW, March 16 (Reuters) - Poland's state-run KGHM KGH.WA , one of the world's biggest copper and silver producers, on Thursday posted a consolidated net loss of 4.37 billion zlotys ($1.09 billion) for 2016, hit by an impairment related to the value of foreign assets.
The loss was bigger than analysts' expectations of 3.87 billion zlotys but an improvement on the 5 billion zlotys loss booked in 2015, when writedowns also weighed on results. group's revenue fell by 4 percent to 19 billion zlotys in 2016 mostly on a 12 percent drop in the average copper price.
KGHM's key foreign asset, the Chilean Sierra Gorda copper mine, expanded its loss to 6 billion zlotys in 2016 from 4.45 billion in 2015 due to the impairment loss, with an 11 percent increase in copper output.
KGHM's stand-alone net loss stood at 4.09 billion zlotys, with a fall in the electrolytic copper production to 536,000 tonnes from 574,000 in 2015. Electrolytic copper production in 2017 is seen at 549,000 tonnes, KGHM said.
KGHM also said it expected its total investment expenditures to fall to 3.1 billion zlotys from 3.5 billion zlotys in 2016. KGHM said its copper sales in 2017 were expected to fall by 4 percent year on year. ($1 = 4.0004 zlotys)