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...In 2012, the state-controlled copper group KGHM bought Canadian rival Quadra FNX in a $2.9bn deal that was meant to create Poland’s first truly global company....
...It spent $2.9bn on Canadian miner Quadra FMX in 2012, acquiring mines in Canada, the US and Chile....
...That is bad news for KGHM, which spent $2.9bn to buy Quadra, a Canadian copper miner, in a deal completed this year, and the company now has ambitious investment plans in Poland, Canada and Chile....
...KGHM’s share price on the Warsaw Stock Exchange has been fairly flat since the Quadra deal closed in early March, falling 1 per cent....
...Combining with Quadra’s six mines in North America and Chile will lower that to $1.40 per pound, said Mr Wirth....
...The share buyback could also be shelved as the company is going to use most of its cash-on-hand to buy Canadian miner Quadra FNX. All in all, a bit of a lump of coal in KGHM’s stocking....
...Poland’s KGHM to buy Quadra FNX for $2.84bn KGHM Polska Miedz, the copper miner with the largest European output, agreed to buy Canada’s Quadra FNX Mining for about C$2.87bn ($2.84bn) in the largest overseas...
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