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Polish mining giant with record profit since 2012

In the first quarter of this year, KGHM, the Polish state-controlled mining company known mostly for mining copper, recorded the highest levels of operating profit of the company and the whole Group since 2012. The Group’s net profit amounted to PLN 1.36 billion (EUR 300 million) and was 98 percent higher than a year ago.

“The best operating and financial results in almost a decade, significant reduction of debt, recommendation to pay dividends and a new concession, as well as world championship in silver production,” reads the press release of the concern, which presented results for the first quarter of 2021.

“This level of the quarterly net profit is the highest since the acquisition of foreign assets,” the release pointed out.

The net profit of KGHM Polish Copper SA alone amounted to PLN 975 million (EUR 214 million), which is also a record result.

“We are really proud of the results of our work. Especially now, when we are celebrating the 60th anniversary of KGHM. The strategic importance of copper, a raw material necessary for electromobility, renewable energy and medicine, draws a long-term perspective for us,” Marcin ChludziƄski, the head of the KGHM Polish Copper, said.

He emphasised that the concern achieved these results in the conditions of the COVID-19 epidemic, when many sectors of the economy are experiencing the negative effects of the lockdown.

“KGHM is consistently building its position as a global champion,” he stressed.

The concern announced that after analysing the Company’s current financial capabilities, the Management Board of KGHM submitted a motion to the Company’s General Meeting of Shareholders regarding the distribution of profit for 2020. The resolution contained a proposal to allocate PLN 300 million (EUR 66 million) to dividends for shareholders.

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