KGHM Slumps as CEO Says 2014 ‘Tough’ for Copper: Warsaw Mover
This article is for subscribers only.
KGHM Polska Miedz SA, Poland’s sole copper and silver producer, fell the most in two weeks after Chief Executive Officer Herbert Wirth said declining metals prices will have a “significant” impact on earnings next year.
The shares closed 3.3 percent lower at 117 zloty after earlier losing as much as 4.9 percent. KGHM is the worst-performing stock in Warsaw’s benchmark WIG30 Index this year, losing 38 percent. Next year will be “tough” and the state-controlled company is working on a cost-cutting program to offset dropping prices, Wirth told reporters today.