KGHM CEO Mr. Krzysztof Skora said, in an interview with PAP news agency, that this year’s net earnings could be lower by up to PLN 2bn, due to the negative impact of hedging activities, assuming the current level of copper prices above USD 6000 remains unchanged until the end of the year, as the company has hedged 1/3 of its copper output. The news should not be surprising to the market, as the company has announced earlier its hedging ratios and hedging price levels on copper and silver output and on foreign currency as well. Therefore we do not expect any major negative impact from the news on today’s trading. We reiterate our Hold rating for the stock.