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Poland's KGHM CEO flags lower dividend due to asset impairment

Published 2016-01-18, 09:14 a/m
© Reuters. Poland's KGHM CEO flags lower dividend due to asset impairment
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LUBIN, Poland, Jan 18 (Reuters) - Poland's KGHM KGH.WA ,
Europe's second-biggest copper producer may have to cut its 2015
dividend if it has to write down the value of its assets as a
result of the copper rout, KGHM's chief executive said on
Monday.
Last month, KGHM said it would have to run an asset
impairment test because of continued low commodity prices.
Copper, used in power and construction, touched $4,318 CMCU3
on Friday, its lowest since May 2009, putting KGHM at a risk of
generating losses.
"I think the test's results will be known at the turn of
January and February. Depending on the outcome, I cannot rule
out that it could result in a proposal of lower dividend form
2015," KGHM CEO Herbert Wirth told Reuters.

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