Announcement.

KGHM POLSKA MIEDŹ SA (43/2018) Initial production and sales results of the KGHM Polska Miedź SA Group. for October 2018.

Legal basis: Article 17 para. 1 MAR - confidential information.
The Management Board of KGHM Polska Miedź S.A. presents the preliminary production and sales results of the KGHM Polska Miedź S.A. Group. for October 2018. The final quarterly and annual production and sales results will be published in the consolidated annual report for 2018.
Legal basis: Art. 17 sec. 1 MAR (Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Regulation
on market abuse) and repealing Directive 2003/6 / EC of the European Parliament and Council and Commission Directives 2003/124 / EC, 2003/125 / EC and 2004/72 / EC (Official Journal of the European Union of 12 June 2014, No. L 173/1)

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    Lubin, 22 November 20 18



    Preliminary production and sales data of KGHM Polska
    Miedź SA Group for October 2018

    The following quarterly and annual production
    and sales results will be published in the forthcoming consolidated period report. Data of the
    KGHM Polska Miedź SA Group contain the results of Sierra Gorda reflecting the 55% share held by
    KGHM Polska Miedź SA

    In the period January-October 2018 production of copper, silver and precious metals (TPM) by
    the KGHM Group was higher than target amounts. The sales plan target was met or exceeded
    except in t he case of precious metals
    compared to the target.

    Production results of the KGHM Group in October 2018 yoy:
     Payable copper production amounted to 56.7 thousand tonnes and was at a level
    similar to that achieved in 2017, with increases in KGHM
    Polska Miedź SA (+ 4%) and Sierra Gorda (+ 39%), while KGHM International recorded a
    decrease of 36%. The re improvement in domestic production from higher processing
    of own concentrate, while in Sierra Gorda the increase was mainly due to higher volume
    of ore throughput. The decrease in production by KGHM International was mainly due to
    the lower quality of ore extracted by Robinson and Sudbury Basin mines, with higher
    production by the Franke and Carlota mines.
     Silver production amounted to 120.8 tonnes, or an increase compared to October 2017
    by 16%. Improvement was recorded by both Polish and international mines.
     TPM production amounted to 15.8 thousand troy ounces. The nearly 30% decrease
    compared to October 2017 was due to the lower production of gold by both
    KGHM Polska Miedź SA and KGHM International Ltd.
     Molybdenum production yield to 1.5 million pounds and was slightly higher than
    the level achieved in October 2017, mainly due to the higher volume of ore processed by
    Sierra Gorda.

    Sales by the KGHM Group in October 2018 yoy:
     Sales of payable copper amounted to 61.9 thousand tonnes and were similar to the
    level of sales in October 2017.
     Sales of silver amounted to 151 .2 tonnes and were higher by 10% compared to October
    2017, mainly due to higher sales of KGHM Polska Miedź SA.


    2

     TPM sales amounted to 11 .4 thousand troy ounces and were lower by 44% compared to
    sales in October 2017. The main reason was the lower level of sales of TPM by KGHM
    Polska Miedź SA.
     Molybdenum sales amounted to 1.4 million pounds and were lower by 36% compared
    to October 2017 due to lower sales by Sierra Gorda.

    KGHM Polska Miedź SA:
     Sales of copper amounted to 50 .0 thousand tonnes
    2017.
     Sales of silver amounted to 149.8 tonnes and were higher by 13 .4 tonnes nes (10%)
    compared to sales in October 2017. The difference was due among others to higher
    production compared to the corresponding period of 2017, the pattern of customer orders
    in 2018 and to the sale of approx. 9 .1 tonnes of silver in copper concentrate (in 2017 there
    were no sales of Cu concentrate).
     TPM sales amounted to 2.7 thousand troy ounces and were lower by 8.7 thousand troy
    ounces (76%) compared to sales in October 2017. The difference was due among others to
    the contrast of the gold in October 2018 in contrast to the
    situation in the corresponding period of 2017.

    KGHM International:
     Sales of copper amounted to 7.5 thousand tonnes and were lower by 1.1 thousand
    tonnes (13%) compared to sales in October 2017. The main reason for the reduction in sales
    was the next generation of products in Sudbury
    cathodes by the Franke mine due to logistical considerations.
     TPM sales amounted to 6.6 thousand troy ounces and were similar to sales in October
    2017.
     Sales of silver amounted to 0.10 tonnes and were lower by 0.3 tonnes nes (74%) compared
    to sales in October 2017 mainly due to payable silver in concentrate
    produced by the Robinson mine.
     Sales of mol ybdenum mvail to 0.13 million pounds and were higher by 0.1 million
    pounds (243%) compared to sales in October 2017 mainly due to delivery
    as agreed with the customer. Robinson mine.

    Sierra Gorda (55%):
     Sales of copper amounted to 4.4 thousand tonnes and were higher by 0.8 thousand
    tonnes (22%) compared to sales in October 2017
    copper concentrate in October 2018 arising from logistical considerations.
     Molybdenum sales amounted to 1.3 million pounds and were lower by 0.9 million
    pounds (41%) compared to sales in October 2017. Molybdenum sales reflect the schedule
    of processing molybdenum concentrate and the return of Mo oxides for subsequent sale.


    3

     Sales of silver amounted to 1.3 tonnes and were higher by 0.4 tonnes nes (44%) compared to
    sales in October 2017. Similarly as in the case of copper
    higher volume of sales of copper concentrate in October 2018.
     TPM sales amounted to 2.1 thousand troy ounces and were higher by 0.1 thousand troy
    ounces (5%) compared to sales in October 2017.


    Production and sales of the
    KGHM Group
    october
    2018
    october
    2017
    monthly
    change * yoy
    Payable copper (kt) 56 .7 57 .0 -0.5%
    Payable silver (t) 120 .8 104 .0 16%
    TPM (goat t) 15 .8 22 .6 -30%
    Molybdenum (mn lbs) 1.5 0.9 67%

    Copper sales (kt) 61.9 61.5 1%
    Silver sales (t) 151.2 137.7 10%
    TPM sales (koz t) 11.4 20.2 -44%
    Molybdenum sales (mn lbs) 1.4 2.2 -36%


    Production and sales of
    KGHM Polska Miedź SA
    october
    2018
    october
    2017
    monthly
    change * yoy
    Mine production:
    Copper in concentrate (kt) 36.2 37.1 -3%
    Silver in concentrate (t) 112.5 113.2 -1%
    Metallurgical production:
    Electrolytic copper (kt) 45.3 43.7 4%
    - including from own concentrate 35.6 27.7 28%
    Metallic silver (t) 119.3 103.1 16%
    TPM (goat t) 7.6 13.2 -43%

    Copper sales (kt) 50.0 49.3 1%
    Silver sales (t) 149.8 136.4 10%
    TPM sales (koz t) 2.7 11.4 -76%




    4


    Production and sales of
    KGHM International
    october
    2018
    october
    2017
    monthly
    change * yoy
    Payable copper (kt) 5.9 9.3 -36%
    TPM (goat t) 5.6 7.3 -23%
    Molybdenum (mn lbs) 0.04 0.03 23%

    Copper sales (kt) 7.5 8.6 -13%
    TPM sales (goat t) 6.6 6.8 -3%
    Silver sales (t) 0.10 0.40 -74%
    Molybdenum sales (mn lbs) 0.13 0.04 243%


    Production and sales of
    Sierra Gorda (on a 55% basis)
    october
    2018
    october
    2017
    monthly
    change * yoy
    Payable copper (kt) 5.5 4.0 39%
    Molybdenum (mn lbs) 1.5 0.9 65%
    Payable silver (t) 1.5 0.9 62%
    TPM (goat t) 2.6 2.1 26%

    Copper sales (kt) 4.4 3.6 22%
    Molybdenum sales (mn lbs) 1.3 2.2 -41%
    Silver sales (t) 1.3 0.9 44%
    TPM sales (goat t) 2.1 2.0 5%

    * percentage change on the basis of unrounded data



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    Lubin, November 22, 20 18.



    Prerequisite production and sales figures of the KGHM Group
    Polska Miedź SA for October 2018.

    This report contains monthly preliminary data - final quarterly and annual results
    production and sales will be published in the next consolidated report
    periodic table. Data for the KGHM Polska Miedź SA Group include Sierra Gorda rates for
    55% shares in KGHM Polska Miedź SA

    In the period from January to October 2018, production of copper, silver and precious metals
    (TPM) The KGHM Group was above the budgeted figure. Sales plan
    was implemented or exceeded, only in the field of precious metals was recorded
    a few percent decrease in relation to the budget.

    Production results of the KGHM Group in October 2018 year-on-year:
     The production of paid copper amounted to 56.7 thous. t. and shaped at a similar level
    to completed in the corresponding period of 2017, with an increase
    in KGHM Polska Miedź SA (+ 4%) and Sierra Gorda (+ 39%), while in KGHM
    International decline was 36%. The improvement in domestic production concerned smelting
    own concentrates, and in Sierra Gorda the main growth factor was higher
    volume of processed ore. The decrease in copper production in KGHM International resulted
    mainly from the lower quality of ore exploited in the Robinson and Sudbury mines,
    with increased production at the Franke and Carlota mines.
     Silver production amounted to 120.8 t, which means an increase compared to October 2017
    by 16%. The improvement was recorded in the scope of Polish as well as foreign assets.
     TPM production amounted to 15.8 thousand. troz. Fall by almost 30% in relation to October
    2017 is the result of lower gold production in KGHM Polska Miedź SA and KGHM
    International Ltd.
     The molibd enu production amounted to 1, 5 million pounds and was significantly above
    level realized in October 2017, mainly due to the higher volume
    processing of ore in Sierra Gorda.
    The sales results of the KGHM Group in October 2018 year to year:
     Sales of paid copper amounted to 61.9 thous. tons and was close to October sales
    2017
     Silver sales amounted to 151.2 tonnes and were higher by 10% compared to October
    2017 mainly due to higher silver sales made by KGHM Polska
    Miedź SA


    2

     TPM sales amounted to 11.4 thousand. troz and was lower by 44% compared to sales
    October 2017. The main reason was the lower sales of TPM from KGHM Polska Miedź SA
     Molybdenum sales amounted to 1.4 million pounds and were lower by 36% compared to
    October 2017 due to lower sales from Sierra Gorda

    KGHM Polska Miedź SA:
     Copper sales amounted to PLN 50.0 thousand tonnes and was similar to the sale in October 2017
    r.
     Silver sales amounted to 149.8 tonnes and was higher by 13.4 than n (10%) compared to
    October 2017. The difference is due to, among other things, greater production
    compared to the same period last year, the distribution of customer orders
    in the current year, as well as sales of approx. 9.1 tons of silver in Cu concentrate (in 2017
    the sale of Cu concentrate was not carried out).
     TPM sales amounted to 2.7 thous. troz. and it was lower by 8.7 thousand troz. (76%) compared to
    October 2017. The difference is due to the lack of cumulative shipping, among others
    a large amount of the gold in October this year, which took place in the same period
    last year.

    KGHM International:
     Copper sales amounted to 7.5 thousand tonnes and was lower by 1.1 thousand tonnes (13%) compared to
    sales in October 2017. The main factor affecting lower sales
    copper was less production of copper in the Sudbury Basin and lower sales
    Franke cathode resulting from logistic conditions.
     TPM sales amounted to 6.6 thous. troz and was similar to the sale in October 2017.
     Silver sales amounted to 0.10 tons and were lower by 0.3 tons (74%) compared to
    sales in October 2017 mainly due to the lower content of paid silver
    in Robinson concentrate.
     Molybdenum sales amounted to 0.13 million pounds and were higher by 0.1 million pounds (243%)
    compared to sales in October 2017, which was mainly the case
    caused by the implementation of the shipment schedule agreed with the contractor and
    more production at the Robinson mine.

    Sierra Gorda (55%):
     Copper sales amounted to 4.4 thous. tonnes and was higher by 0.8 thousand tonnes (22%) in relation to
    sales in October 2017 due to the higher volume of concentrate sales
    Cu in October 2018 resulting from logistic conditions
     Molybdenum sales amounted to 1.3 million pounds and were 0.9 million pounds lower (41%)
    in relation to sales in October 2017 Sales volume of molybdenum
    reflects the processing schedule for the Mo concentrate and the return of Mo oxides
    for sale.


    3

     Silver sales amounted to 1.3 tons and were higher by 0.4 tons (44%) compared to
    sales in October 2017. As in the case of sales paid copper had
    is the relationship with the increased sales volume of Cu concentrate in October 2018.
     TPM sales amounted to 2.1 thous. troz and was higher by 0.1 thousand. troz (5%) compared to
    sales in October 2017


    Production and sales
    KGHM Group
    October
    2018
    October
    2017
    mc *
    y / y
    Toll copper (thousand tonnes) 56.7 57.0 -0.5%
    Silver paid (tonnes) 120.8 104.0 16%
    TPM (thousand troz) 15.8 22.6 -30%
    Molybdenum (million pounds) 1.5 0.9 67%

    Sales of copper (thousand tonnes) 61.9 61.5 1%
    Silver sales (tonnes) 151.2 137.7 10%
    Sales of TPM (thousand troz) 11.4 20.2 -44%
    Sales of molybdenum (million pounds) 1.4 2.2 - 36%


    Production and sales
    KGHM Polska Miedź SA
    October
    2018
    October
    2017
    mc *
    y / y
    Mining production:
    Copper in concentrate (thousand tonnes) 36.2 37.1 -3%
    Silver in concentrate (tons) 112.5 113.2 -1%
    Metallurgical production:
    Electrolytic copper (thousand tonnes) 45.3 43.7 4%
    - including own charges 35.6 27.7 28%
    Metallic silver (tons) 119.3 103.1 16%
    TPM (thousand troz) 7.6 13.2 -43%

    Sales of copper (thousand tonnes) 50.0 49.3 1%
    Silver sales (tonnes) 149.8 136.4 10%
    Sales of TPM (thousand troz) 2.7 11.4 -76%




    4


    Production and sales
    KGHM International
    October
    2018
    October
    2017
    mc *
    y / y
    Toll copper (thousand tonnes) 5.9 9.3 -36%
    TPM (thousand troz) 5.6 7.3 -23%
    Molybdenum (million pounds) 0.0 4 0.0 3 23%

    Sales of copper (thousand tonnes) 7.5 8.6 -13%
    Sales of TPM (thousand troz) 6.6 6.8 -3%
    Silver sales (tons) 0.10 0.40 -74%
    Molybdenum sales (million pounds) 0.13 0.04 243%


    Production and sales
    Sierra Gorda (for 55% of shares)
    October
    2018
    October
    2017
    mc *
    y / y
    Toll copper (thousand tonnes) 5.5 4.0 39%
    Molybdenum (million pounds) 1.5 0.9 65%
    Silver paid (tons) 1.5 0.9 62%
    TPM (thousand troz) 2.6 2.1 26%

    Sales of copper (thousand tonnes) 4.4 3.6 22%
    Sales of molybdenum (million pounds) 1.3 2.2 - 41%
    Silver sales (tonnes) 1.3 0.9 44%
    Sales of TPM (thousand troz) 2.1 2.0 5%

    * percentage changes based on non-rounded data




    Content was translated automatically.

Source: company website, investor relations, current and periodic reports.

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Company information
Company name:KGHM Polska Miedź SA
ISIN:PLKGHM000017
NIP:692-000-00-13
Adress: ul. Marii Skłodowskiej-Curie 48 59-301 Lubin
Phone:+48 76 7478200
website:www.kghm.pl

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