Polish copper giant KGHM will sell copper cathodes to China Minmetals Corporation between 2012-2016 after the two companies signed a long-term agreement that could earn the Polish company about $3.5 billion.

The deal was concluded between the heads of the two firms during Polish President Bronisław Komorowski's official five-day visit to China. The Polish president is being accompanied by a delegation of 150 businesspeople, scholars and high-ranking officials.

The five-year agreement will involve the sale of 100,000 metric tons of copper cathode per year, valued according to today's prices at $700 million – hence the expected $3.5 billion, Herbert Wirth, president of the management board at KGHM, told daily Parkiet.

“This long-term contract proves that we are well regarded as a supplier. This is important, especially with regards to the current situation in financial markets,” Mr Wirth said.