Signing of an Annex to the Framework Agreement on the Joint Exploration for and Extraction of Shale Gas

Monday, 12 November, 2012
Report no. 55/201

The Management Board of KGHM Polska Miedź S.A., in connection with current report no. 33/2012 dated July 4, 2012, announces that on November 12, 2012 an Annex (the “Annex”) was signed to the Framework Agreement on the Exploration for and Extraction of Shale Gas of July 4, 2012 (the “Agreement”). The parties of the Annex are all parties of the Agreement (hereafter jointly referred to as the “Parties”). The Parties have decided to prolong the period for determination of details regarding the terms of cooperation until February 4, 2013. 

Should such specific arrangements not be determined by February 4, 2013, the Agreement may be terminated by each of the Parties. Moreover, if within three months after reaching such arrangements the Parties have not received all of the required corporate approvals, or if by December 31, 2013 the required antimonopoly clearances have not been received, the Agreement will expire. 

The above change of dates is connected with the ongoing negotiations with regard to detailed terms of cooperation, including, among others, the preparation of the project’s documentation. 

Legal basis: Art. 56 sec. 5 of the Act dated 29 July 2005 on public offerings and conditions governing the introduction of financial instruments to organised trading, and on public companies (Journal of Laws from 2009, No. 185, item 1439 with subsequent amendments).