Copper production across the company's portfolio amounted to 173,000 tonnes, down 2.8% versus Q3 but 5% ahead of the 164,000t forecast by Canadian investment bank BMO. Metallic Silver production of about 12Moz was 20% above BMO's estimates.
However copper sales were 17% lower than BMO expected, which the KGHM put down "the schedule of deliveries agreed with customers of copper cathodes".
However, recent difficulties at the company's core Polish operations (KGHM experienced a protracted and sometimes troubled smelter/refinery revamp) meant BMO remained cautious on the company meeting its production target for 2020.
"Given recent challenges, we have been a little cautious of KGHM meeting lofty 2020 guidance; continued strong delivery may cause us to reconsider," BMO analyst Edward Sterck said in a note.