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Poland's KGHM to pay up to $326 mln in copper tax in 2016

Published 2015-12-03, 09:23 a/m
© Reuters.  Poland's KGHM to pay up to $326 mln in copper tax in 2016
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GLOGOW, Poland, Dec 3 (Reuters) - Poland's KGHM KGH.WA ,
which is Europe's second biggest copper producer, expects to pay
1.2-1.3 billion zlotys ($301-326 million) of copper tax in 2015
and 2016 each, the company's Chief Executive Herbert Wirth said
on Thursday.
Poland's finance minister said on Wednesday that next year's
budget will include income from a mining tax which eats into
KGHM profits, marking a shift from earlier plans to eliminate
the tax.
"This year we should pay into the budget 1.2-1.3 billion
zlotys in the tax. I expect the tax to be at similar level next
year," Wirth told Reuters.
He added he expected copper prices to rebound slightly next
year and that the commodity price will have an impact on the
final amount of dividend from 2015 net profit.
"According to our assumptions the dividend for 2015 should
be up to one third of annual profit, but this will depend on the
copper prices," the CEO said.

($1 = 3.9823 zlotys)

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