Page 33 served the mining and civil industry to extract value from resources and add value to client s assets in a safe and environmentally responsible manner KGHM International earnings for the frst quarter ending March 31de creased by 18 million to 15 million compared to 33 million in the same quarter of 2012 In Q1 2013 the com pany recorded impairment on market able securities of 27 million These securities were received on a trans action that gave rise to a 29 million gain in 201 1 Copper production in Q1 2013 in creased 18 to 65 million pounds compared with 55 million pounds in Q1 2012 However due to sales and inventory timing copper sales were lower at 50 million pounds in Q1 2013 compared with 55 million pounds in Q1 2012 Looking forward the company be lieves copper market fundamentals will remain strong over the long term supported by a dearth of sup ply stemming from project delays due to CAPEX and OPEX overruns environmental political sovereignty and taxation issues in many regions where proposed projects are being developed In the short term from a demand perspective the company recognizes headwinds due to the eco nomic environment in Europe but continues to expect a modest rebound in economic growth in China Longer term continued urbanization of emer ging market countries such as China and an acceleration of growth in OECD economies will provide a positive backdrop for copper de mand The company is a leading Polish ex porter In 201 1 exports amounted to almost PLN 12 billion 365 billion US and overall sales over PLN 15 billion which gives the company a strong position in the WIG 20 index It owns one of the lar gest copper de posits in the world and it has guaran teed continued production in Poland for the next 40 years All its assets are located in three continents It has development projects in Poland Canada Chile and Greenland W ith the friendly acquisition of Quadra FNX in Canada it became a global company with a brand recognizable all over the world One of its end products cathodes is quoted on the exchanges in London and Shanghai Its refned silver is cer tifed by exchanges in London Dubai and New Y ork Contd from pg 32 Copper futur e bright says KGHM A NEW WORLD ST ANDARD HELLA Inc Canada 201 Kelly Driv e Peachtr ee City GA 30269 T el 18772243552 F ax 7706317575 wwwhellaminingcom HELLA is pr oud to intr oduce its r evolutionary HypaLUME LED Flood Lamp the frst high output LED food lamp designed specifcally for the heavy duty industry The HypaLUME is suitable for both DC and AC applications It has been designed to pr o vide daylight in the harshest envir onments and consume only 240W Constructed to excel in multiple applications wher e high output LED lighting is r equir ed 56 High Po w er LEDs pr oduce an output of mor e than 20000 Lumens the LEDs ar e coupled with thr ee specialised optical distributions so all lighting applications ar e cater ed for The HypaLUME is not only shaping the futur e of LED lighting but setting a new world standar d