Investor handbook

How to buy KGHM's shares?

If you wish to purchase the shares of KGHM, you need to open a securities account with one of the licensed brokerage houses. Once you have an account opened, you can buy and sell the shares of KGHM, either directly through the broker or using the broker’s Internet service.

Further information on the subject of investing in securities may be found among others on the website of the Warsaw Stock Exchange ('How to start investing?'). Another useful website on the Polish capital market is infostrefa.com.

FAQ

Following is an overview of frequently asked questions in the areas of strategy, investments, production and financial results. If you don’t see an answer to your question in the list below, please contact our Investor Relations team.

KGHM GROUP

1. Where can I find information about the mining assets of the KGHM Group?

The KGHM Group has geographically-diversified mine assets located in Poland, the USA, Chile and Canada. Detailed data on the mine assets of the KGHM Group may be found in the Company’s financial statements published on the KGHM website in the section Investors, under Results center. Additionally, we encourage you to review the information presented in the section Our Business, Mining and enrichment.

2. What are the main targets of the Company’s strategy for the years 2019-2023?

The Company is advancing the „Strategy of KGHM Polska Miedź S.A. for the years 2019-2023” which was approved on 19 December 2018. The Strategy is based on four development directions (elasticity/flexibility, efficiency, ecology and e-industry) arising from global market trends. The aforementioned directions are reflected in six identified strategic areas, with individualised and measurable main goals:

  • Production (maintain cost-effective Polish and international production)
  • Development (increase the KGHM Group’s efficiency and flexibility in terms of its Polish and international assets)
  • Innovation (increase the KGHM Group’s efficiency through innovation)
  • Financial Stability (ensure long-term financial stability and the development of mechanisms supporting further development)
  • Efficient Organisation (implement systemic solutions aimed at increasing the KGHM Group’s value)
  • People and the Environment (growth based on the idea of sustainable development and safety as well as enhancing the KGHM Group’s image of social responsibility).

Detailed information regarding the strategy may be found on our website in the section About us, The business strategy. We invite you to download our presentation and infographic.

3. What is the Budget of the KGHM Group for 2021?

The Company published its basic Budget targets in regulatory filing 3/2021 dated 28 January 2021. Detailed information may be found on our website in the section Investors, under Regulatory filings

4. Where can I find information on the production volumes of the KGHM Group?

Data on the production volumes of the KGHM Group may be found in the Company’s financial statements published on the Company’s website in the section Investors, under Results center, Financial reports. The Company also publishes preliminary monthly production and sales reports of the KGHM Group. These reports may be found on the Company’s website in the section Investors, Results Center, Production-sales reports.

5. Does the Company plan to continue to invest in deposits outside of Poland?

At the moment KGHM is focused on enhancing the value of its existing projects along with their optimisation, including that of its key international asset, Sierra Gorda in Chile.

6. Minerals Extraction Tax: any chance it could be reduced?

The Minerals Extraction Tax was reduced in 2019 by approx. 15% and we are satisfied with this. We appreciate the fact that this was a watershed decision, for which KGHM Polska Miedź S.A. had waited many years.

DIVIDENDS AND SHARES

1. Where can I find the Dividend Policy and information on past dividend payouts?

The Dividend Policy KGHM may be found on the Company’s website in the section Investors, Shares and bonds, under Dividends. Here you can also find historical data on past dividend payouts in a downloadable Excel file.

2. In order to get the right to dividends paid by KGHM, when do I need to own the shares?

Dividends are paid to shareholders who own the shares of KGHM on the date set as the rights-to-dividend date, which is set by the Ordinary General Meeting. To acquire thr right to receive dividends for the prior financial year, your shares must be registered on a brokerage account on the rights-to-dividend date, while purchases of shares must be made two prior to the rights-to-dividend date, as a result of the process of settling share transactions by the Central Securities Depository of Poland (Krajowy Depozyt Papierów Wartościowych or KDPW), under the so-called T+2 system.

3. Where can I find current analyst recommendations on the shares of KGHM?

The website of KGHM provides a composite snapshot of analyst recommendations on the shares of KGHM, in the Investors section, under Recommendations. In terms of analyst reports, their recommendations are usually available in services which require a registration fee and are published in delayed format.

GENERAL MEETINGS

1. Where can I find information on General Meetings?

Information on General Meetings may be found on the Company’s website in the section Investors, under Corporate governance.

2. What do I need to do to participate in a General Meeting? 

Persons that were shareholders of KGHM Polska Miedź S.A. as at the Date of Registration have the right to participate in a General Meeting of the Company, i.e. those persons who have registered shares of the Company on a securities account sixteen days prior to the date of the General Meeting of the Company as well as persons who request the entity which maintains their securities account to issue a registered certificate confirming the right to participate in the General Meeting of the Company. Detailed information may be found in the announcement on the convening of a General Meeting on the Company’s website in the section Investors, Corporate governance, under General Meeting.

3. How many shares does a shareholder need to be able to include an item on the agenda at the next General Meeting?

In accordance with the Statutes of KGHM Polska Miedź S.A. with its registered head office in Lubin, chapter IV, paragraph 23 point 3, shareholders representing at least 1/20 of the share capital may request the inclusion of certain items on the agenda at the next General Meeting. The Statutes may be found on the Company’s website in the section Investors, Corporate governance.

FINANCIAL RESULTS

1. Where can I find the latest annual report of the KGHM Group? 

The latest annual report (Financial Statements) of the KGHM Group Polska Miedź S.A. may be found on the Company’s website, under Results Center - Financial Reports, while the Integrated Report may be found here or on-line version.

2. Where on KGHM’s website can I find the latest financial and business information about the KGHM Group?

The most up-to-date financial information about the KGHM Group is available on the website under Investors – Results center, comprised of Highlights of the latest results and an Investor kit (periodic report, results spreadsheet, presentation, IR Release, webcast, transcript, a summary of responses to questions raised at the results conference and a transcript of the investor chat).

3. Where can I find information on the macroeconomic factors affecting the results of the KGHM Group?

Information on the macroeconomic factors affecting the results of the KGHM Polska Miedź S.A. Group may be found in the Management Board’s Report on the activities of KGHM Polska Miedź S.A. and of the KGHM Polska Miedź S.A. Group in 2019 in section 4.1, macroeconomic environment. The Management Board’s Report on the activities of KGHM Polska Miedź S.A. and of the KGHM Polska Miedź S.A. Group in 2019 is available on the website (here). Information on macroeconomic factors may also be found in the quarterly results presentations in the section Presentations.

4. What was the Group’s C1 cost of producing copper in concentrate, and what was the pre-precious metals credit unit cost of electrolytic copper production from own concentrate in KGHM Polska Miedź S.A. in 2020?

The Group’s C1 cost of producing copper in concentrate in 2020 was 1.59 USD/lb, while the pre-precious metals credit unit cost of electrolytic copper production from own concentrate in KGHM Polska Miedź S.A. (unit cost prior to decrease by the value of anode slimes containing among others silver and gold) amounted to 26 209 PLN/t.

5. Where can I find a calendar of publication dates for the financial results of the KGHM Polska Miedź S.A. Group?

The calendar of publication dates for the financial results of the KGHM Group may be found on the Company’s website in the section Investors, Investor calendar.

ENVIRONMENTAL PROTECTION

1. Does KGHM have a Sustainable Development Strategy?

Yes. The Company acts in accordance with the principles of sustainable development, maintaining a balance betwee the Company’s development and the expectations of stakeholders. Dialogue is the basis of cooperation and being a good neighbour, as well as for the further expansion of KGHM. Detailed information may be found on the Company’s website www.kghm.com under the Sustainable development section.

2. Where can I find information on the Global Reporting Initiative (GRI) indicators which describe the activities of the KGHM Group?

Information on the Global Reporting Initiative (GRI) which describe the Company’s activities as regards environmental, economic and social questions may be found in the Integrated Report of the Company and the KGHM Polska Miedź S.A. Group, which contains the Company’s non-financial and financial information. The Integrated Report for 2019 was prepared with the application of selected GRI reporting standards. The Integrated Reports are available on the Company’s website www.kghm.com in the section Investors, Results center, Integrated reports and Sustainable development - Reports and resources section.

3. Does KGHM Polska Miedź S.A. satisfy environmental standards? 

KGHM Polska Miedź S.A., as one of the largest, socially responsible companies in Lower Silesia, cannot and does not want to avoid its responsibility for the environment. The idea of sustainable growth, and in particular respect for the natural environment, is one of the most important values of the Company.

The extraction of copper ore, followed by its processing at all stages of production, is inextricably linked to its impact on various aspects of the natural environment. Adherence to strict environmental standards, mandated by law, is possible thanks to the systematic modernisation of installations protecting the environment, both those built in the past as well as new investments in this area.

During the year 2019 intensive work was carried out aimed at implementing the decision of the European Commission establishing best available techniques (BAT) Conclusions for the non-ferrous metals industry. Adaptation of the metallurgical installations to BAT Conclusions is also related to further restriction of dust and gas emissions. In 2019, the Company spent more than PLN 229 million on investments to protect the natural environment, of which the largest expenditure, in the amount of over PLN 44 million, was incurred on replacing the absorption and drying towers of the sulphuric acid plant at the Legnica Copper Smelter and Refinery. Detailed information may be found on the Company’s website www.kghm.com in the Management Board’s Report on the activities of KGHM Polska Miedź S.A. and of the KGHM Polska Miedź S.A. Group in 2019 in chapter 16, Environmental protection.

MISCELLANEOUS

1. How can I sign up for the latest information about the KGHM Group?

You can get the latest information about the KGHM Group by subscribing to the Company’s various newsletters at https://kghm.com/en/newsletter. Here you can select the types of newsletters that you wish to receive: Market overview reports, Financial statements, Regulatory filings, Tenders and daily Stock quotes reports.

2. Where can I find information about the debt instruments issued by KGHM?

This information may be found on the Company’s website www.kghm.com in the section Investors, Shares and bonds, Bonds. Here you will find general information on the bonds issued (full information on the Series A and B bonds and current interest tables may be found in Polish only).

On 27 May 2019 a bond issue agreement was signed, under which the Management Board of KGHM Polska Miedź S.A. established a bond issue program to the amount of PLN 4 billion. The Parties to the Issue Agreement were KGHM Polska Miedź S.A. as Issuer and Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna, Bank Handlowy w Warszawie Spółka Akcyjna, Bank Polska Kasa Opieki Spółka Akcyjna and Santander Bank Polska Spółka Akcyjna as Organizers and Dealers. The issue took place in June 2019, the maximum total nominal value of bonds amounted to PLN 2 billion.

Under the Bond Issue Program, Series A and Series B bonds were issued. The bond issue was made through a private placement, was directed toward no more than 149 investors and was offered exclusively in Poland. On 20 September 2019, by a resolution of the Management Board of the Warsaw Stock Exchange (Giełda Papierów Wartościowych w Warszawie S.A.) bearer bonds Series A and Series B of KGHM Polska Miedź S.A. were introduced to the alternative trading system on the Catalyst bond market. The first day of trading of the bonds on the Alternative Trading System was set at 3 October 2019.

3. Who is the auditor for the KGHM Group?

The entity entitled to audit the separate financial statements of KGHM Polska Miedź S.A. and the consolidated financial statements of the KGHM Polska Miedź S.A. Group is PricewaterhouseCoopers Polska Spółka z ograniczoną odpowiedzialnością Audyt Sp.k. with its registered head office in Warsaw at the address ul. Polna 11.

The contract with PricewaterhouseCoopers Polska Spółka z ograniczoną odpowiedzialnością Audyt Sp.k. (PwC), signed on 27 February 2019 for the period from 1 January 2019 to 31 December 2021, is for the audit and review of the financial statements of KGHM Polska Miedź S.A. and of the KGHM Polska Miedź S.A. Group. The auditing firm was selected by the Supervisory Board of KGHM Polska Miedź S.A.

Factsheet
Basic facts about the KGHM Group in a nutshell
  • market position
  • global assets
  • markets and products
  • key 5-year data
  • shareholder structure
Presentation
The latest investor presentation
  • information about the Group
  • macro environment
  • ESG and sustainability
  • comments to the production and financial results
  • 5-year KPI
  • download the latest
Investor Days
Events for investors and analysts
  • commentary
  • materials
  • multimedia gallery
Investor chats
Cyclical online talks with investors