Polish treasury audits KGHM’s acquisition of Sierra Gorda - report

The Polish treasury is carrying out an audit of KGHM’s investment in the troubled Sierra Gorda copper-molybdenum mine in Chile, according to a report in the Polish press.

Speaking to Wprost magazine, treasury minister Dawid Jackiewicz said his office is investigating whether KGHM made "errors in assumptions" about the Sierra Gorda project, in which KGHM acquired a 55% stake following its $2 billion buyout of Quadra FNX in 2012.

The ministry is "critically evaluating" the Sierra Gorda acquisition and other overseas purchases undertaken by entities owned by the Polish state,...

Published

Mark Burton

February 22, 2016

13:48 GMT

London