Swapping aluminum for copper will maintain China’s resources, group says
China depends on overseas imports for 60% of its aluminum resources as opposed to 70% of its copper resources.
Image courtesy of KGHM
Polish mining group KGHM is in talks on potential acquisitions in the renewable energy sector, Chief Executive Officer Marcin Chludziński said during a conference call on Thursday.
“We are in several advanced talks on acquisitions of finished photovoltaic farms projects,” Chludziński said.
The group’s vice president of the management board for finance, Andrzej Kensbok, said the miner is also eyeing acquisitions in the reprocessing of copper-bearing scrap.
“It’s an everlasting trend. Recycling needs to evolve. That is why we are preparing a series of investments connected to buying, processing and preparing copper-bearing scrap,” Kensbok said.
“This investment area is crucial to us and very much stays on our agenda,” he added.
Speaking about the potential impact of the Russian invasion of Ukraine on the mining group, Chludziński said it would not have a significant impact on the company’s operations. He said the group does not have any direct deals with Russian, Ukrainian or Belarusian entities.
However, Chludziński said that ever-changing demand and high copper prices might increase the company’s revenues. The CEO also said that potential sanctions on Russian copper would be positive for the company.
(By Patrycja Zaras, Mateusz Rabiega and Weronika Maria Edmunds; Editing by Mark Porter)
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