KGHM's Polish reserves to last 30-40 years

WARSAW: Europe's No.2 copper producer KGHM should continue to produce copper from its Polish mines at the current production rate for another 30-40 years, a report by an independent consultant prepared for the company showed.

"The Proven and Probable Mineral Reserves contained within KGHM's mining concessions, as of 31 December, 2011, amounted to 1,181 Mt at grades of approximately 1.58 percent Cu and 48 g/t Ag, containing 18.6 Mt of copper and 1,800 Moz of silver,"

Micon consultancy said in the report released on Monday.

Poland's state-controlled miner is currently the world's ninth-largest copper producer, with output at 527,000 tonnes, following its acquisition last year of Canadian rival Quadra FNX for C$3 billion ($3 billion).