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Two KGHM development drives

Monday, 21 October, 2013

Presented during the meeting were the prospects of development of the KGHM resource base, the Pirometallurgy Modernization Program implemented in the smelters of KGHM and progress on the major projects of KGHM International: Sierra Gorda, Afton Ajax and Victoria.

"Our output depends on the acquisition of new deposits. Through acquisitions, we follow the path of growth which is typical for global mining companies. Ultimately, the value of our foreign assets will be doubled," claimed Jarosław Romanowski, 1st Vice President of KGHM Polska Miedź S.A. "The quality of the products on the global market of non-ferrous metals is the same and you can only compete through the cost of production. Therefore, the Sierra Gorda project is very important for us. It is now the top mining project in the world in terms of the speed of conversion into a mine."

The meeting was also an opportunity to express gratitude to the representatives of the local governments that cooperated with KGHM in the long-term concessioning process, which was completed by KGHM being granted concessions for mining deposits until 2063.

"The meeting is our tribute to the local governments. We would like to thank you for the good cooperation in our most important project, which provides us with prospects for the next 50 years," said Herbert Wirth, President of KGHM Polska Miedź S.A. "KGHM is a good neighbour. I would also like to thank the residents of these municipalities, they are also our employees."

Olgierd Dziekoński, the Secretary of State in the Chancellery of the President of Poland,
congratulated KGHM, in a letter read at the meeting, on resuming the concessions to operate for another 50 years in the Copper Basin. “This is a key event for the company and a guarantee of growth, new jobs and the macroeconomic stability of Lower Silesia for the next half a century. It is a success not only for the company but also for the local governments of the area where KGHM is located. Development of KGHM is of significance to us all.”

The meeting was attended by members of the Supervisory Board of KGHM, CEOs, and representatives of the Ministry of the Environment, the President's Chancellery, the State Mining Authority, Members of Parliament and representatives of local governments of the Copper Belt.

The guests watched a film by Ewa Evart – “RED GOLD – the inside story of Poland’s biggest copper deal”?” which tells the story of the largest business transaction in the history of Poland: the friendly takeover of the Canadian company, Quadra FNX by KGHM Polska Miedź S.A.

KGHM Development Prospects

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