Polish copper group moves to slash costs

Copper prices are heading higher but KGHM, Poland's state-controlled copper miner, fears that the good times will not last and is slashing costs, which make it one of the world's most expensive producers.

Last year's economic crisis "was an argument to change and fix the company", Herbert Wirth,chief executive, told the Financial Times.

KGHM had a good downturn, buoyed by continued Chinese demand for copper. The company has been one of the best-performing stocks on the Warsaw exchange; its share price more than doubled over the course of last year and is now about 108.5 zlotys.

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