The shareholders of KGHM approved a record high dividend of PLN 10 per share to be paid out of last year’s profit on Wednesday, setting the record date at 7 July 2006 and the payment date at 2 August 2006. The news had been expected. The copper price went up 5.5% yesterday but the Warsaw bourse was closed for trading. Therefore we would expect a higher opening on KGHM today. We reiterate our Buy rating for the stock.