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Letter from the President of the Management Board & CEO

We achieve the objectives we set thanks to the highest standards that we have consistently been implementing at KGHM Group for years. Our unchanging values – Zero Harm, Teamwork, Results Driven, Courage, Accountability – have helped us to prepare for difficult times.

Who we are

We are among biggest global producers of mined copper and silver. Financial stability, innovative approaches and international span provide us with ability to offer products of highest quality. Thanks to our operations, tens of thousands of people have jobs, and thousands more may develop their businesses by co-operating with KGHM Polska Miedź S.A. Our income tax contributions are among highest in Poland.

A year filled with challenges

The year 2015 was a difficult period for commodity producers. The downward trend in commodity prices, already lasting since 2011, continued, and its dynamic accelerated in percentage terms. According to forecast by CRU International, the growth dynamics of demand for copper around the world will accelerate again in 2016 by up to 1.8% and, in the following years, growth will reach a value of 2.2%.

We produce for a changing world

We develop our resource base and increase production capacities. A key element of our business Strategy is making the best possible use of our employees' potential. As a Group, we understand our responsibility for the state of the environment in which we operate. We operate with the best industry standards to minimize impacts to the natural environment while maintaining good relations with all local communities on which territories we operate.

We work with clear principles

The framework of our Group’s corporate governance is made up of legal regulations and Statutes as well as the Warsaw Stock Exchange Rules. The KGHM Polska Miedź S.A. Management Board is committed to promoting the application of good corporate governance practices while Supervisory Board supervise all of the Company’s functional areas.

Finances under control

Our financial statements are prepared in accordance with the International Financial Reporting Standards adopted by the EU. The full text of the statements along with the opinion and audit report of the statutory auditor are available on our website: www.kghm.com.