The Management Board of KGHM Polska Miedź S.A. announces that on 5 September 2012 the Company signed a Letter of Intent regarding participation in the preparation, construction and operation of a nuclear power plant („Letter of Intent”). The parties to the Letter of Intent are KGHM Polska Miedź S.A., PGE Polska Grupa Energetyczna S.A. (PGE), TAURON Polska Energia S.A. and ENEA S.A. („Parties”).
Based on the signed Letter of Intent, the Parties will cooperate in creating a draft agreement regarding the purchase of shares of a Special Purpose Company founded by PGE, PGE EJ1 sp. z o.o. (“Special Purpose Company”), which is directly responsible for the process of building and operating the first Polish nuclear power plant („Project”).
The agreement will describe the rights and responsibilities of each of the Parties involved in realisation of the Project, on the assumption that PGE will take, either directly or through its subsidiary, a leading role in the Project. The terms of acquisition of the Special Purpose Company's shares will reflect the expenditures incurred to date by PGE and its subsidiaries related to realisation of the Project.
The Letter of Intent, at the present stage of discussions, does not represent an obligation for the Parties to enter into an agreement for the sale of shares of the Special Purpose Company nor to participate in the Project.
The Letter of Intent is valid until December 31, 2012 with the possibility of prolongation for a quarter of a year, shall all Parties agree to do so.
Legal basis: Art. 56 sec. 1 point 1 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).