As its copper demand continues to grow in line with the expansion of production facilities, Denmark-headquartered NKT has renewed its long-term copper supply agreement with European mining and smelting company KGHM, ensuring availability for the next decade.
The current contract was signed in 2023 and is valid until the end of 2027, with the renewed agreement extending it by an additional nine years, from 2028 to 2036.
The total estimated value of the contract extension is around €6 billion for 2028-2036 based on current assumptions.
According to NKT, KGHM’s fabrication facilities and smelters are Copper Mark-certified and aligned with NKT’s commitment to responsible sourcing, robust due diligence and ethical standards for people, communities and the environment.
“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. KGHM is a long standing, trusted partner to NKT, consistently demonstrating strong operational performance and high‑quality output,” said Claes Westerlind , President and CEO of NKT.
“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.”
As for other recent news coming from NKT, the Danish company announced on February 5 the appointment of Michael Yong, current Chief Strategy Officer, as Chief Financial Officer (CFO) of NKT and NKT A/S from April 1, succeeding Line Andrea Fandrup.
Yong’s previous experience includes CFO responsibilities, strategy development, M&A and business transformation at SGB-SMIT Group and Prysmian Group.
“We are very pleased to appoint Michael Yong as CFO of NKT following a thorough and rigorous selection process. Michael has been a central member of our Group Leadership Team for several years and brings deep insight into NKT, combined with extensive experience from the power cable industry. His multinational background and experience have been key to our expansion into new markets, including the acquisition of our factory in Portugal and the joint venture in Taiwan,” said Jens Due Olsen , Chair of the NKT Board of Directors.