KGHM reports its copper production was below plan in July 2020

Production and sales of other metals were above plan

In the first 7 months of 2020, production of copper by the Group was slightly below plan, while sales of this metal were slightly above the planned target.

In the case of the other main metals, both production and sales were above the planned budget targets.

The coronavirus pandemic did not have a significant impact on the production results of the Group – in the first 7 months of 2020 there were no recorded instances of restrictions to production directly
connected with the epidemic. The companies of the KGHM Group are continuing to take preventative actions aimed at reducing the risk of infection by the virus amongst employees and subcontractors.

Production of the KGHM Group:
 Production of payable copper amounted to 57.5 thousand tonnes, or a decrease versus the corresponding month of 2019 by 2.3 thousand tonnes (-4%). The decrease in production was in respect of KGHM Polska Miedź S.A. (-3.2 thousand tonnes) due to restricted copper scrap supply and to the maintenance shutdown at the
Głogów I Copper Smelter and Refinery, and also in respect of KGHM INTERNATIONAL LTD. (-0.8 thousand tonnes). Improvement was recorded in Sierra Gorda (+1.8 thousand tonnes) as a result of a higher volume of processed ore and higher copper grade.

 Production of silver amounted to 108.6 tonnes – the increase by 33.9 tonnes (+45%) was due to the higher production of this metal by KGHM Polska Miedź S.A.

 Production of TPM amounted to 15.1 thousand troy ounces, or a decrease by 1.5 thousand troy ounces (-9%) mainly due to lower production by the Sudbury Basin mines and by the Robinson mine.

 Production of molybdenum amounted to 0.8 million pounds. The increase in production by 0.2 million pounds (+33%) was in respect of the Sierra Gorda mine, due to the higher content of this metal and to a higher volume of processed ore.

Sales of the KGHM Group:

 Sales of payable copper amounted to 54.5 thousand tonnes and was higher by 6.9 thousand tonnes (+14%) compared to sales of copper in July 2019. The main reason for this increase was higher sales of copper by KGHM Polska Miedź S.A. Copper sales were also higher in KGHM INTERNATIONAL LTD. (by approx. 1.8 thousand
tonnes).

 Sales of silver amounted to 105.2 tonnes and were higher by 21.1 tonnes (+25%) compared to sales in July 2019. This result was mainly due to higher sales of silver from the production assets in Poland.

 Sales of TPM amounted to 8.3 thousand troy ounces and were comparable to the amount recorded in the corresponding period of 2019 (+2%).

 Sales of molybdenum amounted to 1.0 million pounds and were higher by 0.1 million pounds (+11%) compared to July 2019. The increase in sales was in respect of the Sierra Gorda mine.

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