KGHM launches $8.55 billion investment plan

Polish state-controlled copper and silver producer KGHM on Friday set a new strategy committing more than 32 billion zlotys ($8.55 billion) in investment through the end of the decade while setting new output and profit targets.

The plan, called “Strategy 2055+,” targets average annual adjusted core profit, measured as earnings before interest, taxes, depreciation and amortisation (EBITDA), of 12 billion zlotys, paid copper output of 730,000 tonnes and silver production of 1,290 tonnes between 2026 and 2030.

“After 2035, we want KGHM to be a modern, multi-raw material industrial group,” Chief Executive Remigiusz Paszkiewicz said, adding the company planned to build a new mine dubbed “KGHM 2.0” in Poland.

The plan reflects KGHM’s push to secure ore supplies closer to its Polish smelters and to cut logistics costs. The company expects about 80% of copper output to come from domestic assets, with the rest from mines abroad.

The strategy also places fresh emphasis on overseas operations.

KGHM said nearly 80% of planned investment would go to its core Polish business, with the rest allocated to assets in Chile, the U.S. and Canada. Overseas assets generated about 48% of the group’s EBITDA in 2025, helped by the Sierra Gorda mine in Chile, in which KGHM owns a 55% stake, and the Robinson mine in Nevada.

“We want the position of our foreign assets to grow, because this builds the company’s global credibility and resilience to structural changes,” Deputy Chief Executive for foreign assets Anna Sobieraj-Kozakiewicz said.

She said the company would seek new opportunities based on efficiency analysis.

($1 = 3.7415 zlotys)

(Reporting by Alicja Surdy, additional reporting by Rafal Nowak; Editing by Matt Scuffham)