In the first half of 2025, KGHM Polska Miedź S.A. Group reported an operating profit (EBITDA) of PLN 4.9 billion and revenues of PLN 17.5 billion, marking a 16% increase in operating profit and a slight rise in revenue compared to the same period last year. The group’s net profit for the period reached PLN 580 million.
Production of payable copper totaled 343,800 tonnes during this period, which is a decrease of 4% from the previous year. This drop was attributed to planned maintenance at the Głogów II Copper Smelter and Refinery and the sale of the McCreedy West mine in Canada earlier in February.
The company has initiated geological-hydrogeological reconnaissance work for three new mine shafts: Retków, Gaworzyce, and GG-2 “Odra.” The estimated cost for these investments is at least PLN 9 billion.
“The past several months have been a watershed period for the future and long-term development of KGHM. We began geological-hydrogeological reconnaissance work for the new shafts Retków, Gaworzyce and GG-2 „Odra”. These investments enable us to achieve our mine concessions management plan for the deposits and ensures the Company’s safe and stable functioning for the coming decades,” said Andrzej Szydło, President of the Management Board of KGHM Polska Miedź S.A.
“We are closely monitoring the work on changes to the so-called copper tax. This is particularly important at a moment when, despite good copper prices on international markets and the achievement of production plans, the Group’s results remain under the very strong pressure of the USD exchange rate,” President Szydło added.
KGHM’s financial stability was supported by its diversified sales structure and risk management strategies related to foreign exchange rates. The group achieved higher revenues partly due to selling large volumes at favorable USD prices compared to market rates.
The C1 cash cost—the unit cash cost of producing payable copper—was reported at $2.61 per pound in this period, representing a decrease by 5% overall compared with last year. However, within KGHM Polska Miedź S.A., C1 costs increased mainly because of higher mineral extraction taxes and currency effects from a stronger Polish zloty against the US dollar.
Profit figures were affected by exchange rate differences despite high EBITDA levels. Adjusted EBITDA stood at PLN 4.9 billion group-wide with standalone results at PLN 2.4 billion.
Silver production amounted to 657 tonnes while precious metals output reached 84 thousand troy ounces; molybdenum production was recorded at 1.7 million pounds.
Within Poland, domestic assets produced 201 thousand tonnes of copper concentrate and generated electrolytic copper output totaling 272,400 tonnes. Polish metallurgical plants produced 646 tonnes of metallic silver during this time frame as well.
Internationally, Sierra Gorda mine contributed 42,400 tonnes (attributable on a 55% basis), while KGHM INTERNATIONAL LTD.’s segment produced another 29,200 tonnes of payable copper.
Regarding new projects, reconnaissance work on shaft sites will allow precise determination of locations and appropriate technology choices for construction as well as decisions about rockmass freezing requirements. Drilling for Retków shaft is scheduled no later than September; similar work will begin later in Gaworzyce (end-2025) and GG-2 “Odra” (early-2026). All drilling activities are expected to conclude by 2028 with PeBeKa S.A. and Cuprum sp. z o.o Centrum Badawczo-Rozwojowe serving as main contractors.
Capital expenditures (CAPEX) reached PLN 1.5 billion—a reduction by about four percent over last year—with mining operations accounting for most spending including access programs, equipment replacement, region outfitting, dewatering efforts, and expansion projects such as Żelazny Most TSF development.
Metallurgy-related investments totaled PLN 190 million focused primarily on maintenance works at key smelters in Głogów and Legnica along with upgrades at concentrator facilities across Poland. For all investments throughout this year KGHM plans expenditures exceeding PLN 3.8 billion.
