Q3 2024 KGHM Polska Miedz SA Earnings Call-Q&A session Transcript

Nov 15, 2024 / 10:00AM GMT

Release Date Price: $36.39

Transcript

Key Points

Positve

KGHM Polska Miedz SA reported a 3% increase in copper production, reaching 534,000 tonnes in the first nine months of 2024.
Revenues increased by 2% during the same period, amounting to PLN26 billion for the group.
The Robinson mine showed a significant increase in copper production, with a 24,000-tonne rise year on year.
The company maintained a safe liquidity indicator with a net debt to adjusted EBITDA ratio of 0.9, well below the safe level of 2.
KGHM Polska Miedz SA achieved a 44% increase in adjusted EBITDA, reaching PLN6.186 million, driven by higher volumes and favorable metal prices.

Negative

The production of metallic silver decreased by 10.8% due to factors such as ore deposit quality and smelter renovations.
Sierra Gorda experienced a 5% decrease in payable copper production due to lower metal content and recovery rates.
Molybdenum production in Sierra Gorda dropped by 34% compared to the previous year.
The C1 unit cost for KGHM Polska Miedz SA increased by 2%, partly due to a higher mineral extraction tax.
The unfavorable exchange rate between the Polish zloty and the US dollar negatively impacted revenues by PLN1.5 billion.

Operator

Good morning, ladies and gentlemen. Welcome the press conference and the result conference devoted to presenting the KGHM Polska Miedz SA for the third quarter of 2024.

So we are here accompanied by the representatives of the Board, KGHM Polska Miedz SA, Iga Dorota Lis; Deputy of President of the Board for -- of the Board for the Assets Management, Deputy of the Board for the Development and Deputy of the Board for the Production. We also have Janusz Krystosiak with us, Director of Investor Relations department that will lead the second part of the conference during which you will have the opportunity to ask questions.

Let me just inform you that our conference is being transmitted online. The questions can also be asked online and via email, [email protected]. And all the answers are going to be published in the Investors tab on our website.

Now I'm giving the floor to President, Zbigniew Bryja.

Zbigniew Bryja

KGHM Polska Miedz SA - Vice-President of the Management Board for Development

Welcome on another results conference.

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