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Higher Group revenues, a strong operating result and stable production – summary of results for 2022

Higher Group revenues, a strong operating result and stable production – summary of results for 2022

Wednesday, 22 March, 2023
KGHM – a global resources company and a world leader in copper and silver production – has published its annual report for 2022. Despite a turbulent, unstable macroeconomic situation, the copper company achieved high operating and financial results and maintained its planned levels of production, while at the same time continuing its high-capex projects connected with the green transformation.

„Last year’s solid production and and financial results, earned during tough times, allows us to look to the future with optimism, for this year and subsequent years. We have ambitious investment projects and plans – we plan a record level of spending in 2023. In KGHM w unikalny sposób we combine economic and financial efficiency in a unique way, with respect for the natural environment and a partnership approach to relations with our stakeholders,” said Tomasz Zdzikot, President of the Management Board of KGHM Polska Miedź S.A.

Production and and financial results

In 2022 the KGHM Group recorded stable production of copper from its domestic assets in Poland (mined production 442.7 thousand tonnes in ore, metallurgical production 586 thousand tonnes) as well as from its international assets (Sierra Gorda 90.8 thousand tonnes (55 % interest); Robinson 46.8 thousand tonnes; Carlota 4.1 thousand tonnes; Franke* 2.8 thousand tonnes; Sudbury Basin 2.5 thousand tonnes).

Consolidated revenues of the KGHM Group for 2022 amounted to PLN 33.8 billion, or 13.6 % more than in 2021. Profit for 2022 amounted to PLN 4.8 billion while adjusted EBIDTA reached PLN 8.9 billion.

At the end of 2022 consolidated assets of the KGHM Group rose to PLN 53.4 billion. In turn, equity amounted to PLN 32.2 billion. The Group maintained a safe level of debt – Net debt/EBITDA in 2022 amounted to 0.8.

Climate Policy

KGHM is a European leader in the implementation of effective, low-carbon technologies, with access to the most modern solutions in mining and energy. The Company has an implemented business model ensuring a full value creation chain – from exploration, extraction and processing of natural resources to the sale of finished products. The entire implemented system is compliant with ESG. rules

The copper giant is successfully advancing the Climate Policy of KGHM. Among others, the balance of Scope 1, 2 and 3 greenhouse gas emissions for 2021 has been calculated for the entire Group. Projects are being continued involving adaptaion of the Company’s technological installations to BAT conclusions for the non-ferrous metals industry together with restriction of arsenic emissions (BATAs). In 2022 another 6 installations were brought online in the Divisions of KGHM, which is significantly improving air quality in the Copper Basin.

KGHM’s high-capex investments aimed at protecting the natural environment have a single goal – to minimise impact on the environment and our surroundings. Detailed information in this regard as well as other non-financial information may be found in the Management Board’s report on the activities of KGHM Polska Miedź S.A. and the KGHM Group.

Leader of the  energy transformation

The goals of KGHM Polska Miedź S.A. are to reduce greenhouse gas emissions by 30 percent by 2030 and to achieve climate neutrality by 2050. Over the next seven years the Company will strive to satisfy 50 percent of its energy needs from its own sources, including RES. Currently the CCGT natural gas-fired power plants of KGHM Polska Miedź S.A. can provide up to around 20 percent of the Company’s electricity needs.

KGHM is diversifying its sources of power throughout the Group by incliding energy from solar and wind power sources as well as the use of hydrogen. The Company is building solar power plants and is continuing projects involving offshore wind projects and hydrogen sources. Moreover, KGHM is involved in developing nuclear energy in Poland. Last year the copper giant submitted the first application in Poland regarding assessment of small modular reactor (SMR) technology to Poland’s National Nuclear Agency.

The copper company will also obtain energy from the new Żuki solar power plant in the Greater Poland voivodeship, amounting to 5.2 MW from nearly 10 thousand PV panels. In 2022, KGHM also became a signatory to the „Sector Agreement for the development of hydrogen power in Poland”. The Company is also testing innovative technology using copper and silver alloys, which significantly reduces losses in the transmission of electricity.


In the KGHM Group in 2022 exploratory and operational projects were continued in Poland and in the international assets. Work involving the copper and potassium salts concessions is underway. The Deposit Access Program is being developed, under which the sinking of the GG-1 shaft was completed. KGHM now has the deepest mine shaft in Poland. The process of selecting contractors to build the GG-2 shaft is underway. Another important investment project is the continuing development of the Żelazny Most tailings Storage Facility. The KGHM Group is consistently focused on developing and strengthening the potential of its existing key assets as well as of promising projects in Chile, USA and Canada.

Safety at the highest level

The life and health of our employees has always been  the top priority in the hierarchy of values of the KGHM Polska Miedź S.A. Group. For several years the Company has been pursuing its long-term vision of „Zero accidents due to human and technical errors, zero occupational illnesses among our employees and contractors”.

In 2022, the Employee Safety Improvement Program „Think About The Consequences” was continued as well as a Program to mitigate the most common hazards to workplace safety by utilizing innovative technologies, in accordance with the Company’s updated strategy.

Last year, KGHM recorded a significant reduction in the number of accidents at work, calculated on a year-on-year basis, from 165 to 149 people injured (a decrease of 16 accidents). Most of the registered workplace accidents (approx. 98.7%) qualified as light injuries.

The LTIFR (Lost Time Injury Frequency Rate) ratio for KGHM in 2022 (i.e. the total number of workplace accidents in the Company per million hours worked by KGHM Polska Miedź S.A. employees) amounted to 5.05. This was 72.8 percent lower than the 2010 figure and 10.3% less than in 2021. This is the best result in the history of KGHM.

Macroeconomic conditions

The geopolitical situation related to the direct aggression of Russia against Ukraine and the implemented system of sanctions at the present time is not restricting the operations of KGHM Polska Miedź S.A. or other Group companies.

In KGHM in 2022 work continued on ensuring ICT security. Thanks to implemented projects, the Company has maintained operational continuity and is strengthening actions to deal with threats arising in cyberspace. 

*The Franke mine was sold in April 2022

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