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State-backed KGHM Polska Miedz SA, Europe’s second-largest...

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    State-backed KGHM Polska Miedz SA, Europe’s second-largest copper producer, currently holds a 55% operating stake in Sierra Gorda. The remainder belongs to Japan’s Sumitomo Metal, which put its interest up for sale a year ago, with the help of RBC Capital Markets.

    KGHM has been criticized for the steep investment allocated to developing the Chilean mine ($5.2 billion and counting). Sierra Gorda, which began production in 2014, has constantly failed to meet expectations due to challenging metallurgy and difficulties in using seawater for processing.

    The Polish miner, which is looking to sell foreign mines and reinvest the proceeds in its domestic operations, has said it has no plans of putting Sierra Gorda on the chopping block. KGHM, however, has ruled out the possibility of taking on full ownership of the mine.

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