In a significant development for the Polish mining industry and the country’s economy, KGHM Polska Miedź SA, the Ministry of Finance, and the Ministry of State Assets held talks on January 27, 2025, in Warsaw to discuss proposed changes to the formula of the so-called copper tax and the long-term development of KGHM’s domestic assets through strategic investments in Poland.
As a key entity for the Polish economy and the largest producer of copper in Europe, KGHM Polska Miedź SA is responsible for almost 50% of the production of mined copper in the European Union, making it a strategic raw material for the European Union. With a strong focus on sustainable growth and responsible mining practices, KGHM continues to strengthen its position as a leading global copper producer.
The meeting was attended by KGHM Polska Miedź SA’s Management Board, Minister of Finance Andrzej Domański, Deputy Minister Jarosław Neneman, and Deputy Minister of State Assets Robert Kropiwnicki. The primary objective of the meeting was to address the proposed changes to the formula of the copper tax and the possibilities of enhancing KGHM’s long-term development in Poland with strategic investments.
The copper tax, introduced in 2012, is a significant factor in the profitability of KGHM’s operations, and the proposed changes may impact the company’s financial health. The talks aim to strike a balance between the government’s fiscal objectives and KGHM’s need for a sustainable business environment to ensure the company’s continued growth and success.
Further details regarding the outcomes of the meeting and the proposed changes to the copper tax have not been disclosed at this time. However, both KGHM and the respective governmental bodies remain committed to fostering a positive and mutually beneficial relationship that supports Poland’s economic growth and strengthens its strategic position within the European Union.
