WARSAW, May 17 (Reuters) - Europe's second largest copper
producer, Poland's KGHM KGH.WA , wants to keep paying dividends
even though it expects copper prices CMCU3 to rebound no
sooner than in 2018, its chief executive Krzysztof Skora told
Reuters.
"Working on optimising spending and our projects, we do not
envisage changes to our dividend policy," Skora said, adding
that KGHM management will present its dividend proposal for 2015
this week.
"We want to remain a dividend payer," he added, when asked
about about prospects for KGHM's policy of handing out around 30
percent of profits.
KGHM, for years a source of dividend income for the state
budget, had planned to almost double its copper output to more
than 1 million tonnes a year by 2020, but changed its plans
after worries about Chinese demand battered metals prices.
"Just like some analysts, we expect this and next year to be
tough on the copper market, but in 2018 there will be a
come-back on the growth path," Skora said.
($1 = 3.8499 zlotys)