Signing of a letter of intent regarding cooperation on generation sources utilising SMR nuclear power technology with Tauron Polska Energia S.A.

Wednesday, 20 April, 2022 - 09:45

The Management Board of KGHM Polska Miedź S.A. („the Company”) announces that today a letter of intent was signed with Tauron Polska Energia S.A. („Tauron”), in which the parties consider undertaking strategic cooperation involving research and development and future investment projects with respect to the construction of energy generation sources utilising SMR nuclear power technology („Letter of Intent”).

The objective of the cooperation between the Parties to the Letter of Intent is to set forth the possibilities, nature and particulars of potential joint involvement in the advancement of SMR-related investment projects. The subject of the cooperation will include, among others, an analysis of available technology and the possibility of placing generating installations in neighbouring receiving infrastructure, as well as the possibility of utilising the existing infrastructure of existing power blocks along with identification of the possibility of obtaining optimum technology, investing in a different manner or engaging in other forms of cooperation with third parties which are already advancing or planning to advance SMR-related investment projects.

The Management Board of the Company sees a significant potential and possibility to achieve the effect of synergy by engaging in joint actions with Tauron aimed at investing in SMR technology. These actions are in line with the Company’s strategic goals, in particular those involving Energy – the new 5E development direction. According to it, the Company will implement low-emission energy sources in the Core Production Business, and in future could sell energy to third parties, at the same time generating new revenue sources.

The Company wishes to emphasise that the Letter of Intent is solely an expression of the intentions of the Parties to establish cooperation, and that the resolutions of the Letter of Intent are not in any way binding for the Parties. The Letter of Intent is in force until such time as one of the Parties expresses a desire to withdraw from further cooperation.

Legal basis: Art. 17 (1) of MAR (Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (Official Journal of the European Union dated 12 June 2014, no. L 173/1)

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