As of February 22, KGHM has a new partner in Sierra Gorda SCM. Following the sale, all of the shares held in this Chilean mine by Sumitomo Metal Mining Co. Ltd. and Sumitomo Corp., will be transferred to the Australian mining group South32.
“Sierra Gorda is a demanding and at the same time extremely satisfying project,” said Marcin Chludziński, president of KGHM Polska Miedź. “We have been exerting tremendous efforts and focusing our attention to reverse a multiyear trend and achieve the desired effect.”
For the first time, positive cash flow has moved from overseas to Poland, Chludziński said. “We achieved this thanks to a change in management style and consistency in implementation of corrective solutions,” he added.
The new partner, Australia-based South32 has a diversified portfolio of mining projects, with operations in Australia, Africa and in North and South America.
