KGHM is interested in exploration of copper deposits in Germany and Ukraine, the company management announced on Friday. KGHM would carry out geological survey to establish the size and exploitation conditions of the deposits in the two countries. Our view: We do not expect any major price impact of the news. The exploration plans for Germany and Ukraine are still at a very early stage. We recon, that it would take more than 10 years to start the production from the mines.