Polish copper miner KGHM (KGHM.WA) plans to make an acquisition in the fourth quarter as the group moves ahead with plans to expand beyond its home base, its chief executive said on Thursday.
In the second quarter we plan to carry out due diligence on the first project and to have a contract signed some time in the fourth quarter, Miroslaw Krutin said in an email note.
In February KGHM earmarked 9 billion zlotys ($2.7 billion) for investments to boost copper production and seek deposits abroad. The company plans to buy two mining projects in the next two years.
These will involve the purchase of an existing mine or an advanced development project, Krutin said.
The company did not give any details about the targets.
Our goal is to move forward quickly so as to take advantage of the current low asset prices, but to do so in regions with less overall risk. For example, the company is looking at mines in North and South America. (Reporting by Agnieszka Barteczko; Writing by Adrian Krajewski; Editing by Greg Mahlich)© Thomson Reuters 2009 All rights reserved