KGHM Falls to One-Week Low After Saying Needs More Acquisitions
KGHM Polska Miedz SA (KGH) fell to the lowest level in more than a week after Poland’s sole copper producer said it needs to make at least one acquisition to achieve its 2018 production target.
The shares dropped as much as 3.8 percent, the most since Feb. 10, and traded 3.2 percent down at 141.90 zloty as of 11:43 a.m. in Warsaw, the weakest since Feb. 27.
The copper miner, which has Europe’s biggest output, yesterday completed a purchase of Canada’s Quadra FNX Mining Ltd. for C$2.87 billion ($2.87 billion). KGHM needs “at least one more” acquisition to increase production of the metal to its target of 700,000 a year by 2018 from 509,000 tons a year in 2011, Chief Executive Officer Herbert Wirth said at a conference in Warsaw today.
Copper fell for a third day in London as a report confirmed a contraction in the euro-area economy and as China lowered growth targets yesterday.
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