Thirty-One Point Seven Nine PercentThin moat

KGHM Polska Miedź (KGH) — moat facet

Not a majority, and more than enough to pick the board of a company it also taxes.

The State Treasury holds 63 589 900 of KGHM's 200 million shares — 31,79% of the capital and of the votes1.

ShareholdersState Treasury — 32%Allianz Polska OFE — 6%Nationale-Nederlanden OFE — 5%Everyone else — 57%63 589 900 of 200 000 000 shares; one share class, so votes match economics
Not a majority, and more than enough to decide the board of a company it also taxes.

That is not a majority, and it does not need to be. On a register where the next largest holders are Allianz Polska's pension fund at 5,98% and Nationale-Nederlanden's at 5,05%2, a third of the votes decides everything that matters: the supervisory board, and through it the management board.

The company is therefore run by people appointed, directly or at one remove, by the government of the day. That has consequences an ordinary minority shareholder should price. Boards change with administrations. Strategic priorities acquire national as well as commercial content — securing raw materials for Poland sits in the strategy alongside profitability3. And capital allocation happens in a context where employment in Lower Silesia is a live political matter.

There is a compensating side, and it is not trivial. State ownership makes KGHM effectively unfailable, gives it access to capital on terms a pure commodity balance sheet would not command, and aligns it with a Polish industrial policy that wants domestic copper.

But the conflict is structural and the state is on both sides of it: it collects 4 693 million złoty a year of minerals extraction tax4 and receives 31,79% of a 300 million złoty dividend5.

The measure is which of those two numbers grows faster.

Moat trajectory: Holding steady

The State Treasury's 63 589 900 shares have not moved, and neither has the structural conflict between the shareholder that collects the tax and the shareholder that receives the dividend.

The number that tests this moat
Moat Explorer calc
State Treasury's share of the 2025 dividend
about 95m zł (31,79% of 300m zł)

The state takes far more through the minerals extraction tax than through its shares; a rising dividend would shift that balance.

How it's calculated: 31,79% x 300m zł total dividend
Source: KGHM Polska Miedz - dividend for 2025 ↗
⚠ Threats to the moat
⚠ THREAT 01
The State Treasury Has Uses for a Miner That Are Not Returns
The state took 4 693m złoty in tax and about 95m in dividend from the same company in the same year.
References
  1. ReportedThe State Treasury holds 63 589 900 of KGHM's 200 million shares — 31,79% of the capital and of the votes.
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in 2025, the production and unit-cost record (electrolytic copper of 570,9 thousand tonnes against 588,7 in 2024, 592,4 in 2023 and 560,4 in 2020; metallic silver of 1 323 tonnes against 1 403 in 2023; C1 payable copper production cost of 3,16 USD/lb for the Polish assets against 1,03 for KGHM INTERNATIONAL and 0,86 for Sierra Gorda; group payable copper of 710,0 thousand tonnes against 753,7 in 2021; wire rod and wire production of 279,9 thousand tonnes; and world mined silver production of about 25,3 thousand tonnes) — FY2018-FY2025 · publ. 10 March 2026 · source ↗
  2. ReportedOn a register where the next largest holders are Allianz Polska's pension fund at 5,98% and Nationale-Nederlanden's at 5,05%, a third of the votes decides everything that matters: the supervisory board, and through it the management board.
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in 2025, the production and unit-cost record (electrolytic copper of 570,9 thousand tonnes against 588,7 in 2024, 592,4 in 2023 and 560,4 in 2020; metallic silver of 1 323 tonnes against 1 403 in 2023; C1 payable copper production cost of 3,16 USD/lb for the Polish assets against 1,03 for KGHM INTERNATIONAL and 0,86 for Sierra Gorda; group payable copper of 710,0 thousand tonnes against 753,7 in 2021; wire rod and wire production of 279,9 thousand tonnes; and world mined silver production of about 25,3 thousand tonnes) — FY2018-FY2025 · publ. 10 March 2026 · source ↗
  3. ReportedStrategic priorities acquire national as well as commercial content — securing raw materials for Poland sits in the strategy alongside profitability.
    KGHM Polska Miedz S.A. Group consolidated financial statements for 2025 (group revenue of 36 366m złoty with the parent at 30 964m and KGHM INTERNATIONAL at 3 439m; parent copper revenue of 22 378m and silver revenue of 6 133m; minerals extraction tax of 4 693m against 3 865m in 2024 and 3 496m in 2023; employee benefits of 6 303m; purchased metal-bearing materials of 8 335m; parent net profit of 1 946m against a group profit of 3 688m; total assets of 58 240m, equity of 32 898m and involvement in the Sierra Gorda joint venture of 10 250m including 8 436m of loans) — FY2023-FY2025 · publ. 10 March 2026 · source ↗
  4. ReportedBut the conflict is structural and the state is on both sides of it: it collects 4 693 million złoty a year of minerals extraction tax and receives 31,79% of a 300 million złoty dividend.
    KGHM Polska Miedz - dividend for 2025 (the Ordinary General Meeting resolution of 9 June 2026 allocating 300 000 000 złoty, or 1,50 złoty a share, from a 2025 parent profit of over 1,946 billion złoty with the remainder to reserve capital, under a policy of recommending up to one third of the previous year's net profit) — FY2025 · publ. June 2026 · source ↗
  5. ReportedBut the conflict is structural and the state is on both sides of it: it collects 4 693 million złoty a year of minerals extraction tax and receives 31,79% of a 300 million złoty dividend.
    KGHM Polska Miedz - dividend for 2025 (the Ordinary General Meeting resolution of 9 June 2026 allocating 300 000 000 złoty, or 1,50 złoty a share, from a 2025 parent profit of over 1,946 billion złoty with the remainder to reserve capital, under a policy of recommending up to one third of the previous year's net profit) — FY2025 · publ. June 2026 · source ↗
Sources
Generated September 24, 2026