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KGHM International Ltd.

KGHM with an additional PLN 440 million of financing from the EIB

Jun 25, 2021

The Management Board of the Copper Company has signed an Annex to the Loan Agreement with the European Investment Bank (EIB).
 
KGHM consistently implements the assumptions of the Strategy regarding financial stability and continues activities aimed at basing the financing structure of the Group on long-term instruments. The EU bank increases the possibility of supporting the Company's investments aimed at using the latest technologies and reducing emissions.
 
The largest European producer of copper, KGHM Polska Miedź SA (KGHM), concluded an agreement (annex) with the European Investment Bank (EIB) for the possibility of granting an additional loan of PLN 440 million to finance the modernization plan of its plants and production processes. The annex complements the existing PLN 900 million loan signed at the end of 2017, thus the potential financing under the concluded agreement amounts to PLN 1.34 billion.
 
- In line with the adopted Strategy, we optimize our financing, focusing on efficiency and flexibility. The annex signed today increases the amount of financing granted to PLN 1.34 billion and proves our business credibility. This additional amount will constitute a potential reserve that can be used to finance investment projects implemented by us, aimed at ensuring environmentally friendly, safe and stable production - said Marcin Chludziński, President of the Management Board of KGHM Polska Miedź SA
 
Andrzej Kensbok, Vice-President of KGHM for Finance, emphasized that the transaction confirms the company's good relations with the market and is in line with the national financial policy. - The flexibility of the financing structure translates into good results for KGHM. We observe global trends and on this basis we forecast our further development. This allows for the implementation of investment plans, including optimization of production processes - added Vice President Kensbok.
 
Rapid changes in the markets caused by the COVID-19 pandemic are not stopping companies from implementing their investment plans. And global trends in sustainable development and pro-climate activities are based on applications that use copper and its unique properties as a raw material. These sectors include, inter alia, renewable energy and electric vehicles.
 
EIB Vice-President Teresa Czerwińska, who oversees the EIB's operations in Poland, said: - The EIB is pleased to increase long-term financing for Europe's largest copper producer in order to help the Company implement its production modernization program. KGHM's investment plans will contribute to ensuring a balanced and cost-competitive supply of important raw materials - in particular copper and silver. These metals are widely used in numerous industries and many technologies. Sustainable access to raw materials, including copper, is essential to ensure the green and digital transformation of our economies. This is in line with the long-term objectives of the EIB's lending policy.
 
The period of availability of the additional loan amount is 22 months. The financial support may potentially be used in up to 4 tranches, each of them in the amount of at least the equivalent of PLN 110 million. For each of the loan tranches, the Company has the option to choose the currency: PLN or USD or EUR, and a fixed or variable interest rate. The remaining terms of the Agreement will not be materially changed and will be in line with the standard terms for this type of transaction.
 

Source: https://media.kghm.com/pl/informacje-prasowe/kghm-z-dodatkowymi-440-milionami-zlotych-finansowania-od-ebi

Senior Mine Engineer

The Senior Mine Engineer is responsible for the Technical Services Department, including short and mid-range mine planning; mine surveying; ore control; blast hole and stacker sampling.

Senior Environmental Engineer
  • Plan, organize, implement, monitor, evaluate and support all environmental projects on the mine.
Senior Benefits Specialist

KGHM International Ltd., a subsidiary of KGHM Polska Miedź S.A., serves as a holding company and an administrative services company for KGHM’s North American assets, which include underground mines and a large underground project in Canada, and two open-pit mines in the United States. KGHM International Ltd produces above 120 million pounds of copper, as well as gold, silver, platinum, palladium, molybdenum, and nickel in North America annually.

Payroll Supervisor

KGHM International Ltd., a subsidiary of KGHM Polska Miedź S.A., serves as a holding company and an administrative services company for KGHM’s North American assets, which include underground mines and a large underground project in Canada, and two open-pit mines in the United States. KGHM International Ltd produces above 120 million pounds of copper, as well as gold, silver, platinum, palladium, molybdenum, and nickel in North America annually.