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KGHM Polska Miedź SAUPDATE: KGHM copper and Polish ministries in talks on changes to so-called copper tax
Listed copper producer KGHM is in talks with Poland's Ministry of Finance and Ministry of State Assets on implementing changes to the copper tax, KGMH said in a press release. The Polish copper tax includes taxing for hydrocarbons.
KGHM informed that company representatives met with the minister and deputy minister of finance and the deputy minister of state assets on Monday.
"The main goal of the meeting was the discussion of changes to the so-called copper tax and possible strengthening of KGHM's long-term Polish development assets through investments," KGHM wrote.
KGHM has previously informed that it does not question the legitimacy of the tax but its calculation, underlining the tax's negative impact on financial results, profitability and the company's investment capacity.
In 2023 KGHM was taxed PLN 3.5 billion (PLN 830 mln) under the extraction of certain minerals tax, whereas after the introduction of the so-called copper tax the company paid over PLN 27.3 bln (EUR 6.5 bln).
The subject of the so-called copper tax is the extraction of copper and silver, as well as natural gas and crude oil.
As the company pointed out, it is the biggest copper producer in Europe, adding that it is responsible for nearly 50 percent of mining copper in the EU.
pel/ han/ nl/
