Simple Digressions
Contrarian, long/short equity, deep value

KGHM Polska- An Undervalued Copper And Silver Producer

(Editor's Note: Investors should be mindful of the risks of transacting in illiquid securities such as KGHPF. The company's European listings under KGHA offer an alternative, however those listings also have limited liquidity.)

KGHM Polska (OTC:KGHPF) is a Poland-based company, one of the world's ten biggest refined-copper producers in 2013 (according to Bloomberg). In 2013 the company produced around 530 tons of copper in concentrate (the leader, Codelco of Chile, produced 1,523 tons). This is what most people know, especially those interested in commodity markets.

But what most people do not know is that, according to The Silver Institute, in 2012 KGHM was the biggest world producer of silver. In 2013 the company produced 41.0 million ounces...

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