Polish state-controlled copper and silver producer KGHM has unveiled its Strategy 2055+ plan committing more than 32 billion zlotys ($8.55 billion) in investment through the end of the decade, with targets for copper output of 730,000 tonnes, silver production of 1,290 tonnes and average annual adjusted EBITDA of 12 billion zlotys between 2026 and 2030.
The strategy centres on securing ore supplies closer to KGHM’s Polish smelters to reduce logistics costs, with approximately 80% of planned copper output expected to come from domestic assets. Chief Executive Remigiusz Paszkiewicz said the company plans to build a new mine in Poland dubbed “KGHM 2.0,” with an ambition to transform the group into “a modern, multi-raw material industrial group” after 2035.
Nearly 80% of planned investment will go to the core Polish business, with the remainder allocated to overseas assets in Chile, the US and Canada. Despite the domestic focus, KGHM’s foreign operations — led by the Sierra Gorda mine in Chile, in which the company holds a 55% stake, and the Robinson mine in Nevada — generated approximately 48% of group EBITDA in 2025. Deputy Chief Executive for foreign assets Anna Sobieraj-Kozakiewicz said the company intends to grow the contribution of overseas assets over time. “We want the position of our foreign assets to grow, because this builds the company’s global credibility and resilience to structural changes,” she said.
KGHM’s strategy coincides with its recent letter of intent with Canada’s Lumina Metals for copper concentrate supply from the Nowa Sól project in Poland, which the company views as a processing opportunity for its Glogow smelter rather than a competitive threat.
