- Business
- KGHM Polska Miedz SA (KGH.WA), founded in 1961 and headquartered in Lubin, Poland, ranks among the world's largest producers of copper and refined silver, alongside other non-ferrous metals including gold, nickel, molybdenum, rhenium, selenium and lead; it engages in copper ore exploration, mining, enrichment, smelting, refining and processing across underground mines such as Lubin, Rudna and Polkowice-Sieroszowice in Poland, plus international operations including the Sierra Gorda mine in Chile (55% stake), Robinson mine in the USA, Carlota mine in the USA and development projects like Victoria in Canada. Core products encompass electrolytic copper cathodes, continuous cast copper rod, round billets, refined silver ingots and granules, copper concentrate, sulfuric acid, copper sulfate, nickel sulfate and precious metals; these serve industries such as construction, electrical equipment, electronics, transportation, jewelry and photography, with primary markets spanning Europe (notably Germany, France, Czech Republic, UK and Belgium), North America, South America, Asia (including China) and Africa. The company operates through segments KGHM Polska Miedz SA, KGHM International Ltd, Sierra Gorda SCM and others, maintaining metallurgical facilities including Glogow I and II Copper Smelters/Refineries, Legnica Copper Smelter/Refinery, Rudna and Glogow concentrators and Cedynia copper processing plant. Recent developments include commencement in June 2025 of geological-hydrogeological reconnaissance for new mine shafts Retkow, Gaworzyce and GG-2 Odra under the multi-billion Deposit Access Program to secure long-term production capacity, alongside ongoing outfitting of GG-1 shaft; capital expenditures reached PLN 2.5 billion in the first nine months of 2025 focused on mining infrastructure, machinery replacement, dewatering and Zelazny Most Tailings Storage Facility expansion, with total 2025 investments planned at over PLN 3.8 billion including metallurgy modernizations at Glogow and Legnica smelters. In early 2025, KGHM divested the McCreedy West mine and a portfolio of copper mines in Canada's Sudbury basin via KGHM International, while advancing renewable energy initiatives through acquisitions expanding solar farm capacity to 47 MW across eight sites and shifting Sierra Gorda to full renewable power; the company issued PLN 1 billion in bonds with Series C debuting on Warsaw Stock Exchange's Catalyst market, issued a Cost Optimization Plan targeting material consumption and external services, and reported Q3 2025 adjusted EBITDA of PLN 7.2 billion on stable revenues amid copper production of 526 thousand tonnes.