NKT A/S (NKT.CO,NRKBY), a Danish power cable solutions provider, announced Tuesday that it has renewed its long-term copper supply agreement with Polish mining and smelting company KGHM Polska Miedz S.A. (KGH.WA,KGHPF) for an additional nine years.
The total estimated value of the contract extension is around 6 billion euros for 2028-2036 based on current assumptions. The current contract remains valid until the end of 2027.
KGHM operates across the entire copper value chain, including mining, smelting, refining, recycling and rod manufacturing.
NKT noted that the renewed contract secures a stable supply of European-produced copper for its power cable manufacturing over the next decade, ensuring long-term availability through to 2036.
According to NKT, the amount of copper sourced equals production of an installation cable that can span the Earth a 1000 times.
Claes Westerlind, President & CEO of NKT stated, "Our extended partnership with KGHM is an important step in securing the long-term supply of copper that underpins our ability to deliver reliable power cable solutions to our customers. … By strengthening this relationship, we reinforce the robustness of our supply chain, reduce our exposure to market volatility and ensure a stable foundation for NKT's continued growth."
In Copenhagen, NKT shares were trading at 794.50 Danish kroner, down 1.06%.
In Poland, KGHM is trading 2.8 percent lower at PLN 296.50.
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