Polish copper giant considers nuclear and hydrogen technologies

“In response to the high price of energy and the need to have an energy source with less climate impact, small nuclear reactors should be an absolutely considered option,” Marcin Chludziński, the head of the KGHM - Poland’s copper and silver mining corporation, told “Rzeczpospolita” daily.

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Mr Chludziński emphasised that high copper prices on world markets support not only the company itself, but the entire industry.

“The economy may grow faster than before the [COVID-19] pandemic, at least in some areas, both in the context of Chinese demand - the main driver of copper demand - and potentially the US and European economies,” he assessed.

He also pointed out that thanks to the optimisation of production and cost processes in foreign investments, the company managed to achieve “better operational results and the trust of the international market.”

“We have the first moment in history when money from investments in Chile returns to Poland. This year it is already PLN 500 mln (EUR 109 mln). We expect this trend to continue in the next six months,” Mr Chludziński said.

He also announced that at the moment the company’s strategy is being updated with green energy threads.

“One of them may be about the potential use of an atom. In response to the high price of energy and the need to have an energy source with less impact on the climate, small nuclear reactors should absolutely be considered an option. Anyone who is energy-intensive should consider them,” he noted.

“We are also seriously considering and analysing hydrogen investments, especially in the context of the steel industry... Soon, probably already in September, we will communicate to the market where we are heading and what we are taking into account. We have been discussing these issues for a long time, but we cannot go into details until we have finished our analyses,” Mr Chludziński concluded.