As KGHM announced in a press release, the location of the third of the new mining shafts that the copper company intends to drill has been determined. This is GG-2 “Odra”; earlier, the construction of the Retków and Gaworzyce shafts had started.
“The construction of three new shafts is of fundamental importance for the future of KGHM, the region and the Polish economy. It will enable access to strategic resources, helping to strengthen Poland's position in the global raw materials game. New investments will also improve the comfort and work safety of the crew and guarantee the stable operation of the Company in the coming decades,” said Andrzej Szydło, president of KGHM, quoted in the company's press release.
The president added that work on the Retków and Gaworzyce shafts is progressing according to schedule. “The third toss of the hat closes the key stage of preparations and confirms that we are implementing the announced investments at a very good pace,” Szydło emphasized.
The GG-2 “Odra” shaft will operate within the Polkowice-Sieroszowice mine. Determining the location of the third shaft allows KGHM to conduct activities in parallel – from geological and documentation work, through preparation of facilities, to subsequent implementation stages.
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Completion of the first stage of work for the GG-2 Odra shaft, i.e. geological and hydrogeological reconnaissance, is planned for 2027.
Zbigniew Bryja, vice-president of the management board for development of KGHM Polska Miedź, emphasized that an “ambitious work schedule” is being implemented in the construction of new shafts. “For the Retków shaft, the first hole marked M1 was drilled, which confirmed the geological possibilities for building a shaft in the designated location. Additionally, work is underway on drilling further geological reconnaissance holes, namely the S-463A hole is drilled to a depth of approx. 460 m, and the S-463B hole is drilled to a depth of 408 m, and work is still in progress, while drilling of the M1 hole is in progress on the Gaworzyce shaft site. Currently, it has depth: approx. 112 m,” Bryja said.
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The Gaworzyce shaft will be an exhaust ventilation shaft, while the Retków and GG-2 “Odra” shafts will ultimately serve as a material and transport facility. The main contractors of the investment are PeBeKa SA and Cuprum sp. z o. o. Research and Development Center belonging to the KGHM Capital Group.
On Monday, KGHM's shares were the only ones listed in WIG20 that were increasing in price for most of the session. Our main index fell by 0.55% at the end of the day, but the shares of the raw material company – thanks to increases in copper and silver prices on world stock exchanges – increased by 2.3%, to almost PLN 318, which is a level close to recent records (PLN 325.6). At these prices, the company's capitalization reaches PLN 63.6 billion.
KGHM Polska Miedź is engaged in the extraction and processing of natural raw materials, including: copper and silver. The company listed on the Warsaw Stock Exchange has assets in Europe and both Americas; employs over 34 thousand people. The largest shareholder of KGHM is the State Treasury, which owns 31.79 percent. company shares. Allianz Otwarty Fundusz Emerytalny holds 5.98%. shares in KGHM, and Nationale-Nederlanden Open Pension Fund – 5.05 percent.
KGHM is the largest European producer of copper, considered a strategic raw material for the European Union. It is responsible for almost 50 percent. EU production of mining copper.
