Integrated Report of KGHM Polska Miedź S.A.
and the KGHM Polska Miedź S.A. Group
for 2020

About us

The KGHM Polska Miedź S.A. Group is a global, innovative organisation involved in technologically advanced exploration, mining and smelting operations.

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For several decades, the Company has been mining and processing valuable underground resources, supplying the world with products that enable its sustainable development. The Company’s history began in 1957 with the discovery of one of the world’s largest deposits of polymetallic ores, predominantly copper and silver, located in south-western Poland. The deposit has been effectively and rationally mined to this day. As the years went by, the KGHM Polska Miedź S.A. Group grew its business significantly both in terms of products and the market. KGHM Polska Miedź S.A. is present on four continents: in Europe, South America, North America and Asia. The KGHM Polska Miedź S.A. Group is comprised of KGHM Polska Miedź S.A. as the Parent Entity and several dozen subsidiaries.

As at 31 December 2020, the Group was composed of KGHM Polska Miedź S.A. as the Parent Entity and 71 subsidiaries (including two closed-end, non-public investment funds), employing more than 34 thousand people globally, trusting that what they do is important for the world. Owing to their knowledge, courage and responsibility, the KGHM Polska Miedź S.A. Group produces valuable products, predominantly metals. Its core business is the production of copper along with other non-ferrous metals. We should also note the development of the resource base, which is a key element in securing the exploitation potential of geological resources. The Group is one of the world’s top producers of copper and silver. It also produces gold, molybdenum, nickel, rhenium, lead and platinum. The high quality of the copper, silver and other products have been confirmed by certificates awarded by various international commodity exchanges. By adopting a responsible approach, the KGHM Polska Miedź S.A. Group sets a good example for others, acting in accordance with its values in a transparent and socially responsible manner.

The cohesion of such a complex organisation is built on a set of common values:

Zero harm
Result driven

KGHM is a company with 60 years of history, operating on the basis of deeply rooted values and principles which its employees follow in their daily activities. Zero harm, teamwork, results driven, accountability and courage – these values connect all of KGHM’s employees, whether they work in mines, processing plants or smelters, in Poland or in other parts of the world.

KGHM builds its global position in the world as a reliable producer, trusted business partner and a company pursuing a sustainable development policy.

The Company has been listed on the Warsaw Stock Exchange for nearly a quarter century and is included in the WIG20, WIG30 and WIG-ESG indices. KGHM Polska Miedź S.A. is also among companies included in the FTSE4Good Index Series.

Values of KGHM Polska Miedź S.A.

Rules of conduct based on values developed by KGHM Polska Miedź S.A.

values values

Specifically, the business of the KGHM Polska Miedź S.A. Group covers the following areas:

  • Mining of other non-ferrous metal ores (07.29.Z),
  • Operation of gravel and sand pits; mining of clays and kaolin (08.12.Z),
  • Extraction of salt (08.93.Z),
  • Manufacture of industrial gases (20.11.Z),
  • Manufacture of other inorganic basic chemicals (20.13.Z),
  • Precious metals production (24.41.Z),
  • Lead, zinc and tin production (24.43.Z),
  • Copper production (24.44.Z),
  •  Other non-ferrous metal production (24.45.Z),
  • Casting of copper and copper alloys (24.54.A),
  • Casting of other non-ferrous metals, not elsewhere classified (24.54.B),
  • Forging, pressing, stamping and roll-forming of metal; powder metallurgy (25.50.Z),
  • Repair and maintenance of machinery (33.12.Z),
  • Repair and maintenance of electrical equipment (33.14.Z),
  • Installation of industrial machinery and equipment (33.20.Z),
  • Production of electricity (35.11.Z),
  • Transmission of electricity (35.12.Z),
  • Distribution of electricity (35.13.Z),
  • Trade of electricity (35.14.Z),
  • Production of gaseous fuels (35.21.Z),
  • Distribution of gaseous fuels through mains (35.22.Z),
  • Trade of gaseous fuels through mains (35.23.Z),
  • Steam, hot water and air conditioning supply (35.30.Z),
  • Water collection, treatment and supply (36.00.Z),
  • Waste disposal and treatment (37.00.Z),
  • Collection of non-hazardous waste (38.11.Z),
  • Collection of hazardous waste (38.12.Z),
  • Treatment and disposal of non-hazardous waste (38.21.Z),
  • Treatment and disposal of hazardous waste (38.22.Z),
  • Dismantling of wrecks (38.31.Z),
  • Recovery of sorted materials (38.32.Z),
  • Remediation activities and other waste management services (39.00.Z),
  • Electrical installation (43.21.Z),
  • Agents involved in the sale of fuels, ores, metals and industrial chemicals (46.12.Z),
  • Wholesale of metals and metal ores (46.72.Z),
  • Wholesale of chemical products (46.75.Z),
  • Wholesale of waste and scrap (46.77.Z),
  • Retail sale of automotive fuel in specialised stores (47.30.Z),
  • Retail sale via mail order houses or via Internet (47.91.Z),
  • Other retail sale not in stores, stalls or markets (47.99.Z),
  • Urban and suburban passenger land transport (49.31.Z),
  • Warehousing and storage of other goods (52.10.B),
  • Holiday and other short-stay accommodation (55.20.Z),
  • Other food service activities (56.29.Z),
  • Wired telecommunications activities (61.10.Z),
  • Other telecommunications activities (61.90.Z),
  • Computer programming activities (62.01.Z),
  • Computer facilities management activities (62.03.Z),
  • Other information technology and computer service activities (62.09.Z),
  • Data processing, hosting and related activities (63.11.Z),
  • Web portals (63.12.Z),
  • Activities of holding companies (64.20.Z),
  • Financial leasing (64.91.Z),
  • Other credit granting (64.92.Z),
  • Other financial service activities, except insurance and pension funding, not elsewhere classified (64.99.Z),
  • Buying and selling of own real estate (68.10.Z),
  • Renting and operating of own or leased real estate (68.20.Z),
  • Accounting and bookkeeping activities, tax consultancy (69.20.Z),
  • Activities of head offices and holding companies, except financial holding companies (70.10.Z),
  • Business and other management consultancy activities (70.22.Z).
  • Engineering activities and related technical consultancy (71.12.Z),
  • Other research and experimental development on natural sciences and engineering (72.19.Z),
  • Renting and leasing of office machinery and equipment (including computers) (77.33.Z),
  • Renting and leasing of other machinery, equipment and tangible goods, not elsewhere classified (77.39.Z),
  • Security systems service activities (80.20.Z),
  • Fire service activities (84.25.Z),
  • Other non-scholastic forms of education, not elsewhere classified (85.59.B),
  • Growing of other non-perennial crops (01.19.Z),
  • Growing of other perennial crops (01.29.Z),
  • Silviculture and other forestry activities, except of gathering of forest products (02.10.Z),
  • Logging (02.20.Z),
  • Gathering of wild growing non-wood products (02.30.Z),
  • Support services to forestry (02.40.Z),
  • Mining of lignite (05.20.Z),
  • Extraction of natural gas (06.20.Z),
  • Mining of uranium and thorium ores (07.21.Z),
  • Mining of chemical and fertiliser minerals (08.91.Z),
  • Other mining and quarrying, not elsewhere classified (08.99.Z),
  • Support activities for other mining and quarrying (09.90.Z),
  • Manufacture of lime and plaster (23.52.Z),
  • Manufacture of plaster products for construction purposes (23.62.Z),
  • Manufacture of other articles of concrete, plaster and cement (23.69.Z),
  • Extraction of crude petroleum (06.10.Z),
  • Support activities for petroleum and natural gas extraction (09.10.Z).
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The activities of the KGHM Polska Miedź S.A. Group with respect to the exploration and mining of copper and nickel ore and precious metals deposits is based on the concessions held by KGHM Polska Miedź S.A. for the mining of deposits in Poland and the legal titles held by companies belonging to the KGHM INTERNATIONAL LTD. Group for exploration and extraction of raw materials in the USA, Canada and Chile.

 As at 31 December 2020, the Group was composed of KGHM Polska Miedź S.A. as the Parent Entity and 71 subsidiaries (including two closed-end, non-public investment funds) located on four continents: Europe, North America, South America and Asia. Some of these subsidiaries formed their own groups. The largest of them, both in terms of the number of members and the value of equity, is the KGHM INTERNATIONAL LTD. Group the main assets of which are located in Canada, the United States and Chile. It consisted of KGHM INTERNATIONAL LTD. and of 26 of its subsidiaries. As at the end date of the reporting period, the KGHM Polska Miedź S.A. Group held a stake in two joint ventures – Sierra Gorda S.C.M. and NANO CARBON Sp. z o.o. w likwidacji. The detailed structure of the KGHM Polska Miedź S.A. Group, along with interconnections between its members, is depicted in the two following diagrams.

The major companies from the Group involved in the mining industry make up three basic reporting segments, each of which is subject to a separate assessment by the managing authorities. KGHM Polska Miedź S.A., KGHM INTERNATIONAL LTD. and Sierra Gorda S.C.M. Other companies, with the exception of Future 1 Sp. z o.o., Future 2 Sp. z o.o., Future 3 Sp. z o.o., Future 4 Sp. z o.o., Future 5 Sp. z o.o., Future 6 Sp. z o.o. in liquidation and Future 7 Sp. z o.o. in liquidation, are classified into the “other segments” category.

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