MINEX Forum

Region: Europe

  • London-based Star Energy acquires geothermal exploration license in Croatia

    London-based Star Energy acquires geothermal exploration license in Croatia

    London-based Star Energy Group has successfully acquired a 51% stake in A14 Energy, the holder of a geothermal exploration license situated in the eastern Croatian region of Ernestinovo within the Pannonian Basin. The acquisition marks Star Energy’s foray into international geothermal energy investments.

    Formerly known as Igas Energy, Star Energy Group intends to construct a 10 MW geothermal power plant, a significant development in a country where only one such facility, Velika Ciglena, exists, having opened in November 2019.

    A14 Energy holds the Ernestinovo geothermal exploration license through its Croatian subsidiary, IGeoPen, in the highly promising Pannonian Basin of Croatia, and the acquisition was executed through Star Energy’s subsidiary, GT Energy Croatia.

    The purchase was completed for EUR 1.3 million in cash, with additional commitments of EUR 100,000 for cash-backed guarantees to the Croatian Hydrocarbon Agency and EUR 200,000 for ongoing expenses related to the assessment of the Ernestinovo license.

    Chris Hopkinson, CEO of Star Energy, expressed satisfaction with the company’s inaugural overseas geothermal investment, emphasizing the substantial opportunities in Croatia for advancing and diversifying their geothermal endeavors.

    The Ernestinovo exploration license spans an area of 76.6 square kilometers, featuring three deep exploration wells and 250 kilometers of 2D seismic data that have been reprocessed and interpreted.

    star energy croatia geothermal power ernestinovo

    The company envisions the construction of a 10 MW electricity generation plant (ORC) based on initial estimations of heat reserves and well productivity. Plans also include the development of four producing wells, two injecting wells, and connections to the Ernestinovo substation, which is linked to Zagreb, Hungary, Serbia, and Bosnia and Herzegovina via 400 kV transmission lines and equipped with stepdown transformers for 110 kV and 85 kV.

    Star Energy views this transaction as a pivotal step in its strategy to transition into a geothermal developer, owner, and operator, thereby mitigating regulatory risks and gaining entry into the electricity generation sector.

    Highlighting the importance of the geothermal sector in the broader context of the energy transition, the company emphasized its ability to offer long-term baseload electricity and heat generation.

    It is noteworthy that Croatia features six geothermal exploration areas spanning four counties: Međimurje, Koprivnica-Križevci, Podravina, and Osijek-Baranja.

  • Apollo Minerals agrees to acquire Serbian copper project

    Apollo Minerals agrees to acquire Serbian copper project

    Australian exploration company Apollo Minerals has agreed to acquire Serbian private company Edelweiss Mineral Exploration, which owns the Belgrade Copper Project in Serbia.

    The conditional binding term sheet has been signed by Apollo and its subsidiary Apollo Serbia (UK) with Ropa Investments.

    As per the binding agreement, Apollo will issue 30 million Apollo Minerals fully paid ordinary shares and ten million unlisted options that can be exercised at A$0.05 ($0.03) within three years from issue.

    Apollo Minerals will also issue ten million Apollo unlisted options, which can be exercised at A$0.075 and are valid for three years from issue. It will also issue 20 million deferred shares, subject to shareholder approval.

    Furthermore, Edelweiss will grant a 2% net smelter royalty on future production over the licences and licence applications.

    Subject to completion of due diligence and receipt of all necessary regulatory, ministerial, or third-party approvals, the transaction is due to be completed within two months.

    Apollo Minerals managing director Neil Inwood said: “Apollo Minerals is thrilled to secure an excellent portfolio of European copper exploration grounds within Serbia’s renowned Carpatho-Balkanian metallogenic province.

    “Serbia is currently Europe’s second-largest copper producer and I am convinced there are world-class sedimentary-hosted copper discoveries to be made in the region.”

    Covering a total area of 202km², the Belgrade project comprises four licences that are highly prospective for copper-silver (Cu-Ag) mineralisation.

    Apollo said that the Belgrade project would complement its Krousssou zinc-lead project in Gabon and provide an opportunity to deliver further exploration discovery and diversify commodity exposure.

    As part of the Edelweiss acquisition, Apollo has acquired the Lisa licence application, which is considered prospective for gold and antimony mineralisation.

  • The Global Copper Products Market is forecasted to grow by USD 59.34 bn during 2022-2027

    The Global Copper Products Market is forecasted to grow by USD 59.34 bn during 2022-2027

    The Global Copper Products Market is projected to experience significant growth, with an estimated increase of USD 59.34 billion between 2022 and 2027. This expansion is expected to be characterized by a Compound Annual Growth Rate (CAGR) of 5.36% throughout the forecast period.

    Reported on August 31, 2023, the comprehensive report titled “Global Copper Products Market 2023-2027,” available at Reportlinker.com, delivers an all-encompassing analysis of the copper products market. The report encompasses insights into market size, forecasts, prevailing trends, growth drivers, challenges, and vendor analysis covering approximately 25 vendors.

    The report provides an updated analysis of the current market landscape, recent trends, drivers, and the overall market environment. The growth of the copper products market is propelled by factors such as the expanding communication, electrical and electronics industries, heightened demand from the construction sector, and the increased need for copper products within the transportation industry.

    The copper products market is segmented as follows: By Application:

    • Building and construction
    • Electrical and electronic products
    • Industrial machinery
    • Transportation
    • Others

    By Product:

    • Copper wire
    • Copper pipes and tubes
    • Copper foil
    • Copper sheet
    • Others

    By Geographical Landscape:

    • APAC (Asia-Pacific)
    • North America
    • Europe
    • South America
    • Middle East and Africa

    The report identifies the escalating emphasis on copper product recycling as a key driver for the growth of the copper products market in the coming years. Additionally, the rising use of oxygen-free copper products and the increasing integration of electronics in automobiles are expected to drive substantial demand in the market.

    The report delves into various areas, including:

    • Copper products market sizing
    • Copper products market forecasting
    • Copper products market industry analysis

    The thorough vendor analysis aims to assist clients in enhancing their market positions. In alignment with this objective, the report furnishes a comprehensive analysis of prominent vendors in the copper products market. Notable vendors covered include Aditya Birla Management Corp. Pvt. Ltd., Aurubis AG, Aviva Metals Inc., Baroda Extrusion Ltd., Bhagyanagar India Ltd., Gupta Metal Industries, Hindustan Copper Ltd., Indian Copper, Indigo Metalloys Pvt. Ltd., KGHM Polska Miedz SA, KME Germany GmbH, Kobe Steel Ltd., Liljedahl Group AB, Madhav Copper Ltd., Mehta Tubes LTD., Mitsubishi Materials Corp., Nexans SA, RAJSHREE METALS, Rio Tinto Ltd., and Shanghai Metal Corp. The report also presents upcoming trends and challenges that are poised to impact market growth, aiding companies in their strategic planning and utilization of growth opportunities.

    The study adopts a comprehensive approach, gathering primary and secondary information from key industry participants. It features an inclusive overview of the market and vendor landscape, along with an analysis of the key vendors.

    The report’s meticulous research process includes the synthesis of data from multiple sources, considering vital parameters such as profit, pricing, competition, and promotions. By identifying key industry influencers, it presents various dimensions of the market. The data presented is well-researched, reliable, and comprehensive. The market research reports provide a thorough competitive landscape, employing a qualitative and quantitative research approach to accurately predict market growth.

  • Metinvest will invest in development of logistics center in Poland to increase sales of Ukrainian steel products

    Metinvest will invest in development of logistics center in Poland to increase sales of Ukrainian steel products

    According to him, Zaporizhstal and Kamet Steel are currently operating at 65-70% and 75% of their capacity, respectively. About 25% of products are sold on the domestic market, the rest goes mainly to the EU. At the same time, steel is sold mainly in neighboring countries, such as Poland, Slovakia, the Czech Republic, Romania, and Bulgaria.

    The company also sells metal products to Italy, Germany or France.

    “Steel mills can hardly complain about the low level of sales, but iron ore enterprises were less fortunate. Here, in addition to domestic consumption, China was also a buyer. However, in the current situation, exports there are practically impossible, since the Black Sea ports are blocked, therefore, the border countries of the EU also remain buyers here. Iron ore enterprises now use about 35-40% of their capacity. We tried to send raw materials to China through Romanian and Polish ports. However, unfortunately, the economy of this logistics simply does not work in the current market,” the top manager said.

    He noted that at the same time, the coal production of the company in Ukraine operates at 100% capacity. The mined coal is supplied to the group’s coking enterprises in Ukraine, and is also sold on the local market. The rest is sold abroad, mainly in Slovakia and Poland.

    “In 2022, our steel production decreased by 69% compared to last year. This affected a number of financial indicators. For example, our profit in 2022 is 54% less than last year,” the CEO said.

    He also stated that Metinvest’s strategy has not changed – the company wanted to connect Ukraine and Ukrainian iron ore with the European steel production chain. Therefore, the group continues to look for opportunities to acquire assets that would allow it to use the Ukrainian raw material base, produce products in the EU and supply them to European consumers.

  • Adriatic Metals’ Shining Silver Story with Paul Cronin

    Adriatic Metals’ Shining Silver Story with Paul Cronin

    [vc_row][vc_column][vc_column_text]Paul Cronin is the Managing Director and CEO of Adriatic Metals listed on the ASX, OTC and LTE exchanges. Adriatic Metals is developing world class precious and base metal mining projects in the Balkans. Paul is a co-founder and along with the team has taken Adriatic Metals from explorer to producing in a 5 year period along with a healthy share price increase of 1700%. Paul discussed his professional history and why he fell in love with Bosnia. Paul is big on company culture, and this is evident through the initiatives Adriatic Metals has established and the success it is having. Paul highlighted the projects at the company, the benefits they will have on the community and what comes next. Here is Paul Cronin.

    [/vc_column_text][vc_empty_space][vc_video link=”https://youtu.be/VSMVbQp4lW8″][vc_empty_space][/vc_column][/vc_row]

  • Pokrovskugol to Purchase Mining Machine, Expand Production

    Pokrovskugol to Purchase Mining Machine, Expand Production

    The mining machine, a KDK500 manufactured by the Corum Group plant, is capable of cutting up to 24 tons of coal per minute. It is expected to begin operating at the beginning of next year and will be used to work out the first southern longwall of block 11 at the Pokrovskoye mine.

    In addition to the new mining machine, Metinvest Pokrovskugol has also purchased new face and bottom conveyors from T Machinery. These conveyors will soon be installed in the sixth longwall of the southern panel of block 11. By the end of the year, the number of Chinese-made SANYI EBZ-260 tunneling machines at the Pokrovskoye mine will also increase.

    The company expects the return of one of its JOY combines, which is currently being restored at the manufacturing plant in Poland.

    Metinvest Pokrovskugol has already used more than 16,000 cubic meters of concrete and 2,000 tons of rolled metal in preparing block 11 for operation. The company has also laid 34,000 square meters of roads. When construction is complete, two thousand miners will work on the block every day. The final commissioning of block 11 is planned for 2025.

    This year, the Pokrovskoye mine has already produced almost 3.5 million tons of coal.

    Yuri Ryzhenkov, General Director of Metinvest, noted during his visit to the enterprise that the results shown by the teams of Metinvest Pokrovskugol are worthy of respect.

    “It is very important that our employees and soldiers defend the country with arms in their hands. But no less important are those who hold the economic front, enable the country to function, build up strength. Today, almost every one of our defenders contains a particle of Pokrovsky coal, because the steel that is on body armor, mobile shelters and much more was made from it,” Ryzhenkov said.

    Metinvest created Metinvest Pokrovskugol to manage operational and administrative changes at the enterprises of the Pokrovskaya Coal Group (PUG). The company includes, in particular, the Pokrovskoye mine administration and the Svyato-Varvarinsky concentrating plant.

    Svyato-Varvarinskaya concentrator is a premium-class coal concentrate producer in Ukraine. The production capacity of the enterprise is about 8 million tons of ordinary coking coal per year with the possibility of enriching five different classes of coal.

    Sh / y Pokrovskoe (formerly Krasnoarmeyskaya-Zapadnaya No. 1) is the largest producer of coking coal in Ukraine.

    The main shareholders of Metinvest BV are the SCM Group (71.24%) and the Smart Holding Group (23.76%), which jointly manage the company.

    Metinvest Holding LLC is the management company of the Metinvest group.

  • Europe’s Gabon-exposed stocks slide after military coup

    Europe’s Gabon-exposed stocks slide after military coup

    MILAN, Aug 30 (Reuters) – Shares in European oil producers, miners and other companies with large exposures to Gabon plummeted on Wednesday after a military coup raised concerns over their operations in the resource-rich African country.

    London-listed oil producer Tullow Oil (TLW.L) fell as much as 12% in afternoon trading, while French energy companies TotalEnergies Gabon (EGAB.PA) and Maurel et Prom (MAUP.PA) and miner Eramet (ERMT.PA) all dropped by more than 20% at one point.

    “Shares are reacting to concerns over the backdrop in Gabon,” said Investec equity analyst Alex Smith in London.

    Military officers in Gabon said they had seized power on Wednesday and put President Ali Bongo under house arrest, stepping in minutes after the state’s election body announced he had won a third term.

    France, Gabon’s former colonial ruler which has troops stationed in the African nation, condemned the coup.

    Eramet, the world’s No.1 producer of high-grade manganese ore thanks to its Moanda mine in Gabon, said it had suspended all operations in the country as a “precautionary measure”.

    The German share price index DAX graph is pictured at the stock exchange in Frankfurt

    The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 30, 2023. REUTERS/Staff/File Photo Acquire Licensing Rights

    Timber company Woodbois (WBI.L) also said production at its facilities in the Gabonese city of Mouila were suspended, sending its London-listed shares almost 16% lower.

    However, Assala Energy, which current owner Carlyle (CG.O) has agreed to sell to Maurel, said its oil production in Gabon was unaffected.

    Tullow Oil also told analysts its production was continuing as normal.

    “Note Gabon production represents around 20% of group production. However, assets are based offshore and importantly oil revenue is dollar denominated,” said Investec’s Smith.

    Gabon produces about 200,000 barrels a day (bpd) of crude oil, making it the second-smallest OPEC producer.

    Oslo-listed Panoro Energy (PENR.OL) and BW Energy (BWE.OL) were down 5% and 7%, respectively, and U.S.-based Vaalco Energy (EGY.N) fell 13.8%.

    According maritime sources, at least 30 commercial ships dropped anchor on Wednesday around Gabon’s waters.

  • Mundoro Announces Profitable H1-2023 Results

    Mundoro Announces Profitable H1-2023 Results

    Mundoro Capital Inc. (TSXV: MUN | OTCQB: MUNMF | www.mundoro.com) (“Mundoro” or the “Company“) is pleased to report profitable financial results from its operations in the first six months ending June 30, 2023 (“H1-2023”).

    Teo Dechev, CEO and President commented: “The Company has delivered a profitable first half of 2023 as a result of the generative business strategy which continues to operate 10 exploration programs, generating new exploration opportunities for partnering while maintaining low corporate expenses. Cash Flow from Operations increased by 561% to $1,263,215 which continues to improve the company’s balance sheet.  For the second half of 2023, Mundoro is on track to reach the forecasted $2 million to $2.5 million in fees earned with total corporate and generative expenses of $1.6 million. The company is projected to complete 17,000 meters of drilling as a result of the $15 million in partner funded exploration expenditures in 2023.”

    Follow our weekly updates on: LinkedIn and Twitter @Mundoro

    Financial Highlights and Outlook
    For complete details of the Company’s financial results, please refer to the condensed interim consolidated financial statements and MD&A for the six-month periods ended June 30, 2023, and 2022. The Company’s filings are available on SEDAR at www.sedar.com and on Mundoro’s website at www.mundoro.com.

    • Strong Cash Position: As of June 30, 2023, the Company held $8,398,601 in cash and cash equivalents (“Cash Position”) and no long-term debt.
    • Fees Earned:  In H1-2023, the Company generated $1,464,598 in Fees and Payments, up 298% compared to the same period in 2022.
      Corporate Expenses: General and administrative expenses of $625,164 were incurred in the H1-2023, up 38% compared to the same period in 2022.
      Net Income from Operations: Net income was $1,084,863 for H1-2023, compared to a net loss of $481,794 for the same period in 2022.
      Positive Cash flow from Operating Activities: Cash flow of $3,725,504 was generated from operating activities in H1-2023. Cash flow generated from operating activities, excluding changes in non-cash working capital, was $1,263,215, up 561% compared to the same period in 2022.

    Portfolio Outlook for 2023

    • Generation of Fees Guidance for 2023: For 2023, the Company estimates generating $2 – $2.5 million in fees from partner programs while the Corporate Expenses and Generative Exploration Costs are estimated to be approximately $1.6 million. As a result, the Company does not anticipate a need to raise capital in 2023.
    • Partner-Funded Exploration Expenditure Guidance in 2023: For 2023, the exploration  expenditures funded by partners estimated at approximately $11 million to $15 million. During 2023, Mundoro is the designated operator of six (6) exploration programs in Serbia, one (1) exploration program in Bulgaria and two (2) exploration programs in the USA. Total drilling across all programs is planned to be approximately 17,000 meters depending on various factors such as permitting.

    Project Portfolio Highlights for Q2-2023
    For complete details of the Company’s Summary of Operations, please refer to the MD&A for the six-month periods ended June 30, 2023, and 2022. The Company’s filings are available on SEDAR at www.sedar.com and on Mundoro’s website at www.mundoro.com.

    • Announcement of New Copper Project in Arizona: In Q2-2023, Mundoro announced the staking of the Picacho Project in Pinal County, Arizona. The Picacho project is situated within the Laramide Porphyry Belt, and has an approved work program and budget to be sole-funded by Vale, with Mundoro as the operator. The project will generate property payments, operator fees, and additional exploration potential for undercover copper porphyry systems in Arizona.
    • Commencement of Drilling with Vale in Arizona: In Q2-2023, Mundoro announced the commencement of a drill program at Mundoro’s Vale optioned project, Dos Cabezas, located in Cochise, Arizona. The drill program is planned for 3,000 meters to test five target areas with 5 drill holes.  These five drill holes represent a rare opportunity in Arizona to test an undrilled porphyry copper system.  The first two holes were drilled in Q2-2023 with the next three drill holes to be drilled in Q4-2023.
    • Commencement of Drilling with BHP in Serbia:  In Q2-2023, Mundoro commenced a drill program at Mundoro’s BHP option project, Borsko Jezero, which is located in the central portion of the Timok Magmatic Complex in eastern Serbia. The drill program was completed in Q2-2023 to test one target area with one 2,000 meter drill hole.
    • Commencement of Drilling with Vale in Timok, Serbia:  In Q2-2023, Mundoro announced the commencement of a drill program at Mundoro’s Vale optioned project area located in the southwest portion of the Timok Magmatic Complex in eastern Serbia. The drill program is planned for 8,000 meters to test five (5) target areas with nine (9) drill holes. The five main target areas for drill testing during the 2023 drill program are: (i) Tilva Rosh, (ii) Markov Kamen, (iii) Bacevica North, (iv) Orlovo, and (v) Prekostenski.
    • Advancing Exploration for upcoming Drill Program with JOGMEC: In Q2-2023, Mundoro submitted 8 drill hole locations for permitting to the responsible authorities.

    Qualified Person
    The scientific and technical information described in this Press Release has been prepared in accordance with National Instrument 43-101. The scientific and technical information for Serbia and Bulgaria exploration programs was reviewed and approved by Thomas Sant, FGS (EurGeol, CGeol) a Qualified Person as defined by NI 43-101 and Exploration Director to the Company. The scientific and technical information for the USA exploration programs has been reviewed and approved by T. Dechev, P.Eng (PEO, APEGBC), a Qualified Person as defined by NI 43-101, and the Company’s Chief Executive Officer.

    About Mundoro Capital Inc.
    Mundoro is a publicly listed company on the TSX-V in Canada and OTCQB in the USA with a portfolio of mineral properties focused primarily on base and precious metals.  To drive value for shareholders, Mundoro’s asset portfolio generates near-term cash payments to Mundoro from partners and creates royalties attached to each mineral property.  The portfolio of mineral properties is currently focused on predominantly copper in two mineral districts: Western Tethyan Belt in Eastern Europe and the Laramide Belt in the southwest USA.

    For further information about Mundoro, please contact Teo Dechev, Chief Executive Officer, President and Director, +1-604-669-8055, and Shamil Devji, Investor Relations Manager at +1-604-669-8055.  You can also visit Mundoro’s website www.mundoro.com.

    Caution Concerning Forward-Looking Statements
    This News Release contains forward-looking statements. Forward-looking statements can be identified by the use of forward-looking words such as “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe” or “continue” or similar words or the negative thereof, and include the following: completion of earn-in expenditures, options and completion of a definitive agreement by the parties. The material assumptions that were applied in making the forward looking statements in this News Release include expectations as to the mineral potential of the Company’s projects, the Company’s future strategy and business plan and execution of the Company’s existing plans. We caution readers of this News Release not to place undue reliance on forward looking statements contained in this News Release, as there can be no assurance that they will occur and they are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include general economic and market conditions, exploration results, commodity prices, changes in law, regulatory processes, the status of Mundoro’s assets and financial condition, actions of competitors and the ability to implement business strategies and pursue business opportunities. The forward-looking statements contained in this News Release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this News Release are made as of the date of this News Release and the Board undertakes no obligation to publicly update such forward-looking statements, except as required by law. Shareholders are cautioned that all forward-looking statements involve risks and uncertainties and for a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company’s filings with the Canadian securities regulators available on www.sedar.com.

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

  • Poland keeps coal exit target as top utility seeks quicker carbon neutrality

    Poland keeps coal exit target as top utility seeks quicker carbon neutrality

    Poland is not planning a quicker end to using coal, the government said on Wednesday, criticising state-controlled utility PGE (PGE.WA) for bringing forward its carbon neutrality target by a decade to 2040.

    Under a pact the government signed with trade unions, Poland plans to keep mining coal until 2049.

    PGE, Poland’s biggest power utility, said on Tuesday it is seeking a faster exit as it bets on renewable energy.

    While coal generates some 70% of Poland’s electricity, experts say using the fuel in power generation is not sustainable in the long run amid rising costs and the European Union’s green climate policies.

    “The Polish government’s energy policy implemented by the Ministry of State Assets does not assume acceleration of the coal phase-out,” the ministry said in a statement, commenting on PGE’s strategy update. PGE will have to shoulder 26 billion zloty ($6.4 billion) of carbon emission costs this year and needs to speed up its transformation to reduce the burden and remain competitive, Chief Executive Wojciech Dabrowski told Polish public radio on Wednesday.

    “The Ministry of State Assets expects that the assumptions of the government’s energy policy will be implemented in practice by all energy companies with State Treasury shareholding, which will also be reflected in their strategies and investment activities,” the ministry said.

    ($1 = 4.0875 zlotys)

  • KGHM Polska Mied has entered into long-term agreement with NKT

    KGHM Polska Mied has entered into long-term agreement with NKT

    “The continuation of cooperation in such a demanding market environment is a mark of effectiveness and attests to the quality of our products. We are efficient and trustworthy. We ensure the security of supplies of metals which are critical for the global energy transformation. We are satisfied with our cooperation with NKT, our wire rod is going to one of the leaders of the European wire and cable marketplace, which provides key solutions for the European energy transformation,” said Tomasz Zdzikot, President & CEO of KGHM.

    “We are pleased to strengthen our long-term collaboration with KGHM by entering into this frame agreement for the supply of copper rod for the coming years. And even more so, that we are able to source copper close to where it is needed, which supports our efforts to reduce the environmental impact of our operations,” says President & CEO of NKT, Claes Westerlind.

    Responsible production

    KGHM consistently strengthens its status as a preferred supplier. Company’s products and services meet the highest market standards, while its stability in delivering raw materials, rapid reaction time to customer needs and its “just in time” logistics distinguish the Company on the European wire rod market.

    The metallurgical plants of KGHM produce metals responsibly and in accordance with the highest standards. KGHM’s Głogów and Legnica Copper Smelters/Refineries and Cedynia Wire Rod Plant are Copper Mark certified, which is a testimony to responsible operating practices with regards to the environment, employees, local communities and governance.

    The Company ensures the safe supply of metals which are critical for the global energy transformation through its access to primary copper deposits. At the same time the goals of the Circular Economy are being developed whilst the possibilities of utilizing recycled materials are growing. In response to the global challenge associated with sustainable development, the Company adopted an ambitious Climate Policy, in which it declared the intention of achieving climate neutrality by the year 2050. KGHM has published the results of its analysis of the environmental and carbon footprint of its products: cathodes, wire rod and Cu-OFE rod. The carbon footprint of its copper wire rod at the level of 2.3 tonnes of CO2 equivalent per tonne of copper is significantly lower than the global average of such indicators.

    Highest quality

    8 mm copper wire rod is one of KGHM’s main products. It is manufactured through the Contirod® continuous process of melting, casting and drawing, and is mainly produced from cathodes manufactured by KGHM Polska Miedź S.A. The Cedynia Wire Rod Plant produces wire rod in five classes of quality, depending on the needs of the customer. The product is primarily used in the wire and cable, electromechanical and electrotechnical industries. The wire rod market, due to its specific nature, is highly competitive and demanding.

    In 2022 KGHM Polska Miedź S.A. produced 284.8 thousand tonnes of wire rod and OFE rod, nearly 11% of European production. This result makes the Company one of Europe’s leading producers of these copper semi-products.

    About NKT

    NKT connects a greener world with high-quality power cable technology and takes centre stage as the world moves towards green energy. NKT designs, manufactures and installs low-, medium- and high-voltage power cable solutions enabling sustainable energy transmission. Since 1891, NKT has innovated the power cable technology building the infrastructure for the first light bulbs to the megawatts created by renewable energy today. NKT is headquartered in Denmark and employs 4,500 people. NKT is listed on Nasdaq Copenhagen and realised a revenue of EUR 2.1 billion in 2022.

    NKT – We connect a greener world. www.NKT.com.

    Disclaimer

    KGHM Polska Miedz SA published this content on 22 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 August 2023 07:05:06 UTC.