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.
**WARNING**
KGHM Polska Miedź S.A. hereby issues a warning related to fake internet sites which are exploiting the Company’s image and encouraging suspicious investments
This may be an attempt at financial or personal data extortion. The Company is not at present engaged in any sort of investment program involving gold, silver or copper, aimed at retail customers or individual investors. Likewise, we do not distribute information to individual clients with appendices attached, nor with investment contracts/agreements.
We recommend that extreme caution be exercised, and that you should not attempt to open any links connected with dubious websites.
Official information regarding KGHM and its activities may be found on our coprporate website, /en. As a result of these attempts to impersonate KGHM we have undertaken appropriate security measures and have reported the situation to the relevant institutions which investigate these types of criminal matters.
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 budget targets of the KGHM Group for 2026?
The Company published its basic Budget targets in regulatory filing no. 32/2025 dated 17 December 2025. Detailed information may be found on our website in the section Investors, under Regulatory filings.
3. 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.
4. 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.
5. Minerals Extraction Tax: any chance it could be eliminated or reduced?
In the period 1 January 2022 to 30 November 2022 the Minerals Extraction Tax was reduced by approx. 30% and marked the second, and at the same time the largest reduction in this tax. The new formula was as follows:
tax rate per tonne of mined copper = [0.033 × the average copper price + (0.001 × the average copper price)2.5] × 0.6
tax rate per kilogram of mined silver = [0.125 × the average silver price + (0.001 × the average silver price)4] × 0.6.
As of 1 December 2022 the tax rate reverted to the prior formula and currently (following a change dated 3 February 2023) is as follows:
If the average copper price exceeds PLN 20 689/tonne, the per-tonne rate is as follows:
tax rate = [0.033 × the average copper price + (0.001 × the average copper price)2,5] × 0.85
If the average silver price exceeds PLN 1 658/kilogram, the per-kilogram rate is as follows:
tax rate = [0.125 × the average silver price + (0.001 × the average silver price)4] × 0.85
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.
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 2024 in section 2.2, 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 2024 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 2025?
The Group’s C1 cost of producing copper in 2025 was 2.58 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 46 890 PLN/t.
Information on the C1 cost of producing copper may be found in the respective quarterly reports (in the section Financial Reports) as well as in the company’s presentations (in the section Presentations).
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.
STRATEGY
1. What are the main targets of the Strategy of the KGHM Polska Miedź S.A. Group 2055+?
The Management Board of KGHM Polska Miedź S.A. (hereafter „the Company”) announces that on 3 July 2026 the Supervisory Board of KGHM Polska Miedź S.A. approved the “Strategy of the KGHM Polska Miedź S.A. Group 2055+" ("Strategy of the KGHM Group 2055+") submitted by the Management Board of the Company.
The overarching strategic goal of the KGHM Group is the profitable mining of minerals with an outlook beyond 2055. The Strategy of the KGHM Group 2055+ defines the mission as “Innovation in every gram of copper” and vision as “Responsible mining for future generations”.
The Strategy of the KGHM Group 2055+ was systematised into three complementary areas, under which strategic directions were designated.
Area 1 – The strengthening and development of know-how and of the business potential of the KGHM Group – the utilisation of competitive advantage resulting from unique mining and metallurgical know-how throughout the value chain and in the entities of the KGHM Group.
Strategic directions:
Ensure financial stability,
Optimise work and develop the potential of the Group’s Companies in Poland,
Develop international assets,
Ensure succession and maintain human potential in the organisation.
Area 2 – The sustainable mining and metallurgical production of copper and associated products – the maximum utilisation of resources and their optimum management, while maintaining the highest environmental and market standards.
Strategic directions:
Develop and manage the Polish resource base,
Ensure long-term, efficient and flexible production,
Manage production waste,
Ensure compliance with legislative requirements and market standards,
Cooperate with local communities and other stakeholders,
Develop metallurgical production,
The Energy transition.
Area 3 – Expansion and development of technology and innovation – development of the value of the KGHM Group’s products and expansion of the products portfolio in accordance with megatrends and the current development directions of the mining and metallurgical sector.
Strategic directions:
Extension of the value chain with new products and services,
Multi-resource portfolio, including critical metals,
Innovation, development of new technology, knowledge sharing.
In terms of the defined strategic directions, strategic targets were set to be achieved along with KPIs, with particular emphasis on the short-term and medium-term perspective.
Key financial and production indicators:
Maintain, on an annual average basis in the years 2026-2030, an adjusted EBITDA of the KGHM Group at the level of PLN 12 billion and an EBITDA margin of the KGHM Group at the level of 25.6% in real terms, assuming an average annual copper price of 11 454 USD/t during this period, a silver price of 58.18 USD/oz and a USD/PLN exchange rate of 3.56, adopted on the basis of the median of market forecasts as of June 2026.
Maintain, on an annual average basis in the years 2026-2030, payable copper production in the KGHM Group at the level of 730 thousand tonnes, of which approx. 80% from the Polish assets (including 180 thousand tonnes from scrap) and 20% from the international assets.
Maintain, on an annual average basis in the years 2026-2030, silver production in the KGHM Group at the level of 1 290 tonnes and molybdenum production at the level of 4.0 million pounds.
An increase in revenues from sales of products more highly-processed than copper cathodes to approx. 60% as compared to total sales of electrolytic copper in the reporting year at the end of 2035.
An increase by at least 50% (up to at least 220 MW) in installed capacity from own power generation sources by 2030, compared to the capacity ordered by KGHM in 2024 (440 MW).
Reduce Scope 2 CO2 emissions by 30% by the end of 2030 in KGHM Polska Miedź S.A., achievement of climate neutrality in the long-term in 2050.
Strive for 0 accidents as measured by LTIFR for the assets in Poland and TRIR for the international assets.
Detailed information regarding the strategy may be found on our website in the section About us, The business strategy.
2. Investor call with the CFO of KGHM Polska Miedź S.A. on 6th July 2026
ENVIRONMENTAL AND CLIMATE 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 ESG indicators which describe the activities of the KGHM Group?
KGHM reports ESG data based on Global Reporting Initiative (GRI) standards as well as in compliance with the Copper Mark standard and through the Carbon Disclosure Project (CDP), and also while taking into account the expectations of ratings agencies such as MSCI and Sustainalytics, as well as the principles of Best Practice for GPW Listed Companies 2021.
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 2021 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.
The Copper Mark standard provides information regarding procedures and production principles in companies in the copper mining and processing sector. The Copper Mark is, among others, a signal to investors and companies which use copper in their products that the facilities awarded this certification are reliable and responsible business partners.
Further information on the indicators applied and actions being taken in the area of ESG may be found in the Investors section, under ESG | KGHM Corporate website.
3. Does KGHM Polska Miedź S.A. satisfy environmental standards?
KGHM Polska Miedź S.A., as one of the world’s leaders in the production of copper and silver, intends to continuously and consciously develop its activities in accordance with the principles of sustainable development and responsible business, conducting its operations in a manner which takes into account both the impact of the organisation on the climate and the impact of climate change on the Company.
Protection of the natural environment and minimalisation of the Company’s impact in this regard has been and remains a priority. Thanks to its applied environmental policy, KGHM has set itself the highest ecological standards in the country. KGHM conducts most of its operations in Lower Silesia. We feel deeply responsible for the condition of the natural environment and the well-being of people and their surroundings. For years we have been carrying out substantial investments and initiatives aimed at the implementation of ecologically-effective and low-emissions technology. Towards this end we maintain the operational quality and capacity of the equipment responsible for ensuring protection of the environment at the highest possible level of efficiency, we are continually developing techniques for the safe storage of tailings and mining waste, and we cooperate with the local communities to ensure protection of the natural environment.
Demonstration of our commitment may be seen among others in the granting of certification for two of our metallurgical plants by the prestigious Copper Mark program. The Głogów and Legnica smelter/refineries joined the Copper Mark program in 2020. For many months international experts checked the compliance of the business processes of KGHM's divisions with the 32 criteria for awarding the distinction. Measures taken into account included environmental protection, the metals supply chain, working conditions, risk management practices and cooperation with local communities.
KGHM conducts its activities in compliance with its issued permits (these include those involving water usage rights), and the situation is continuously monitored by specialist teams, including the Regional Environmental Protection Inspectorate (Wojewódzki Inspektorat Ochrony Środowiska). The testing conducted by the governmental offices, as well as by the environmental specialists in KGHM, is performed on an on-going basis. The water usage rights permits specify, in great detail, the specific amounts, timeframes and contents of the water which may be discharged.
Further information on our actions connected with protecting the natural environment may be found in chapter 6, Actions aimed at protecting the natural environment, including the climate, and implementation of a circular economy, of the Non-Financial Report of KGHM Polska Miedź S.A. and KGHM Polska Miedź S.A. Group for 2021 and in the Integrated Report for 2021.
4. What is KGHM doing to advance its Energy Transformation goals?
Being an ambitious participant in the green transformation, KGHM Polska Miedź S.A. undertakes obligations not only with respect to further development of the core business, but also to carry out a number of changes in the functioning of the Company aimed at demonstrating awareness of climate change and deepening communication in this respect with all stakeholders.
It is the ambition of KGHM Polska Miedź S.A. to grow the share of renewable energy sources and in-house energy production in covering our energy demand.
KGHM has joined the global trend to move away from the use of fossil fuels and has set itself the ambitious goal of satisfying half of its energy needs from in-house sources by 2030. This includes the maximum use of RES, including photovoltaics, wind power, solutions involving hydrogen and nuclear energy (SMRs).
KGHM is working with the technology supplier NuScale Power to build a power plant consisting of 4-6 modules, each with the capacity of 77 MWe, by 2029. The first power plant will ensure clean energy to the Company’s copper production plants. Towards this end KGHM has submitted an application to the National Atomic Energy Agency to assess this technology and to prepare a siting study. Work in this regard is underway to create an SMR Control Room (Education Center – E2 Center) Simulator in Poland for the training of operators and nuclear specialists.
The Company is also developing solar power plant projects in areas owned by KGHM, i.e. at the Głogów Copper Smelter and Refinery, at the Cedynia Copper Wire Rod plant and the Obora Sandpit area. Other projects are also being prepared on land owned by KGHM. The Company is also active on the M&A market for renewable energy sources and is engaged in several due diligence and valuation processes for assets that are available for purchase. KGHM has also taken steps leading to the construction of offshore wind farms.
MISCELLANEOUS
1. Does the Company have an information channel providing news about the KGHM Group? Does the Company have mailing list I can subscribe to?
Yes, You can get the latest information about the KGHM Group by subscribing to the Company’s various newsletters at /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. There is also a separate mailing list for the media.
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 contract for the audit and review of the financial statements of KGHM Polska Miedź S.A. and of the KGHM Polska Miedź S.A. Group for the years 2019-2021 with the company PricewaterhouseCoopers Polska Spółka z ograniczoną odpowiedzialnością Audyt Sp.k. was entered into on 27 February 2019. Following a positive evaluation of the services performed by the existing auditor and of the offer submitted by the auditor to provide services comprised of the audit and review of the financial statements of KGHM Polska Miedź S.A., the Supervisory Board of KGHM Polska Miedź S.A. resolved to extend the life of the aforementioned agreement for the review and audit of the financial statements of KGHM Polska Miedź S.A. and of the KGHM Polska Miedź S.A. Group for the years 2022-2024.
Detailed information on the policies and procedures involved in the selection and providing of auditing services may be found in subsection 2.15 Declaration on the application of corporate governance.
