The copper conglomerate KGHM has announced plans to invest in new copper deposits together with a Chinese corporation China Minmetals, buying 10 percent of KGHM's output.

The Polish giant and the Chinese have signed an agreement on a strategic partnership.

"We have common plans regarding investing in deposits. It is too early to say how we will share profits in our enterprises. We will mainly invest in China, as well as in other locations," said Maksymilian Bylicki, KGHM's deputy president.

He added his company is interested in deposits of over 2 million tonnes of pure copper.

KGHM will certainly look for the resource in Europe. There is copper ore in Ukraine and in Germany's Saxony, close to the Polish border.