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Polish miner KGHM puts phase two of Chile's Sierra Gorda on hold

WARSAW, March 17 Poland's KGHM, one of the world's biggest copper and silver producers, said on Friday it had put on hold the second phase of expansion of its Sierra Gorda project in Chile.

* State-run KGHM gained control over Sierra Gorda in 2011 when it bought Canada's Quadra FNX, for C$2.87 billion ($2.14 billion) in the largest-ever foreign acquisition by a Polish company

* But Sierra Gorda, which KGHM co-owns with Japan's Sumitomo Metal Mining Co Ltd, has struggled to master complex ores

* Asset impairment charges related to Sierra Gorda sent KGHM's financial results into the red in 2015 and 2016.

* "We have put Sierra Gorda phase two on hold due to changing conditions," CEO Radoslaw Domagalski-Labedzki said.

* "We believe in the Sierra Gorda project, we want to stay on it. I'm an optimist when it comes to the effectiveness of the project," he said. (Reporting by Agnieszka Barteczko; editing by Lidia Kelly and Jason Neely)

我们的标准: 汤森路透“信任原则

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