KGHM INTERNATIONAL LTD.Thin moat

KGHM Polska Miedź (KGH) — moat facet

Cheaper copper than Poland's, but less of it every half, and more of the profit now comes from Chile.

KGHM INTERNATIONAL is the group's foreign mining arm. Its revenue was 2 451 million złoty in 2023 1, 3 394 million in 2024 and 3 439 million in 2025 2, 9% of the group 3. It runs the Robinson mine in Nevada and Carlota in Arizona; its Canadian mines in the Sudbury Basin were sold in February 2025 4. It also holds the stake in Sierra Gorda.

KGHM INTERNATIONAL payable copper, first half (kt)29,2H1 202519,3H1 2026KGHM H1 2026 Management Board report; Robinson 27,8 to 17,7 kt on the lower-grade Liberty pit
A third less copper in a year, while its share of Sierra Gorda's profit rose to USD160m.

It sells copper concentrate, precious metals and molybdenum at market prices. In dollars revenue was 915 million in 2025 against 852 million, up 7,4%, and adjusted EBITDA 495 million against 411 million 5. In 2023 adjusted EBITDA was minus 34 million dollars 6: the segment lost money before depreciation. In złoty the same year rose 1,3% 7, because the dollar weakened.

Its costs are low next to Poland's: C1 cash cost was 1,03 dollars a pound in 2025 8, against 3,16 for the parent 9. But its output is falling. Payable copper was 19,3 thousand tonnes in the first half of 2026 against 29,2 thousand, down 33,9%, because Robinson moved to the lower-grade Liberty pit 10. Its C1 cost after the first six months was 26% above the prior year 11.

Its profit is increasingly Sierra Gorda's. Revenue in the first half of 2026 was 492 million dollars, up 11,3%, but adjusted EBITDA fell to 216 million from 235 million, while its share of joint-venture profit, which is Sierra Gorda, was 160 million dollars against none a year earlier 12. Sierra Gorda's own adjusted EBITDA was 829 million dollars on a 100% basis 13.

The segment is small in revenue and large in what it holds. The figure to watch is payable copper from the segment's own mines: 19,3 thousand tonnes in the half 14. Another half near that level would mean the revenue line depends on metal prices and Sierra Gorda's dividends rather than on anything these mines produce.

Moat trajectory: Narrowing

Payable copper fell 33,9% in the first half of 2026 as Robinson moved to a lower-grade pit, and C1 cost rose 26%.

The number that tests this moat
Reported
KGHM INTERNATIONAL payable copper, first half
19,3 kt in H1 2026, -33,9%

Another half near this level would leave the segment's revenue to prices and Sierra Gorda rather than its own mines.

Source: KGHM H1 2026 Management Board report ↗
References
  1. ReportedIts revenue was 2 451 million złoty in 2023 , 3 394 million in 2024 and 3 439 million in 2025 , 9% of the group .
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in 2024: KGHM INTERNATIONAL results for 2024 and 2023 — FY2024 · publ. March 2025 · source ↗
  2. ReportedIts revenue was 2 451 million złoty in 2023 , 3 394 million in 2024 and 3 439 million in 2025 , 9% of the group .
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in 2025: parent revenue by product and market, the 2018-2025 multi-year tables, KGHM INTERNATIONAL results and production, reporting segments — FY2025 · publ. March 2026 · source ↗
  3. Moat Explorer calcIts revenue was 2 451 million złoty in 2023 , 3 394 million in 2024 and 3 439 million in 2025 , 9% of the group .
    Moat Explorer calculation from KGHM's Management Board reports: segment shares of group revenue, growth and adjusted EBITDA per tonne of electrolytic copper — FY2018 to H1 2026 · publ. 2026-09-23 · source ↗
  4. ReportedIt runs the Robinson mine in Nevada and Carlota in Arizona; its Canadian mines in the Sudbury Basin were sold in February 2025 .
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in 2025: parent revenue by product and market, the 2018-2025 multi-year tables, KGHM INTERNATIONAL results and production, reporting segments — FY2025 · publ. March 2026 · source ↗
  5. ReportedIn dollars revenue was 915 million in 2025 against 852 million, up 7,4%, and adjusted EBITDA 495 million against 411 million .
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in 2025: parent revenue by product and market, the 2018-2025 multi-year tables, KGHM INTERNATIONAL results and production, reporting segments — FY2025 · publ. March 2026 · source ↗
  6. ReportedIn 2023 adjusted EBITDA was minus 34 million dollars : the segment lost money before depreciation.
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in 2024: KGHM INTERNATIONAL results for 2024 and 2023 — FY2024 · publ. March 2025 · source ↗
  7. ReportedIn złoty the same year rose 1,3% , because the dollar weakened.
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in 2025: parent revenue by product and market, the 2018-2025 multi-year tables, KGHM INTERNATIONAL results and production, reporting segments — FY2025 · publ. March 2026 · source ↗
  8. ReportedIts costs are low next to Poland's: C1 cash cost was 1,03 dollars a pound in 2025 , against 3,16 for the parent .
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in 2025: parent revenue by product and market, the 2018-2025 multi-year tables, KGHM INTERNATIONAL results and production, reporting segments — FY2025 · publ. March 2026 · source ↗
  9. ReportedIts costs are low next to Poland's: C1 cash cost was 1,03 dollars a pound in 2025 , against 3,16 for the parent .
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in 2025: parent revenue by product and market, the 2018-2025 multi-year tables, KGHM INTERNATIONAL results and production, reporting segments — FY2025 · publ. March 2026 · source ↗
  10. ReportedPayable copper was 19,3 thousand tonnes in the first half of 2026 against 29,2 thousand, down 33,9%, because Robinson moved to the lower-grade Liberty pit .
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in the first half of 2026: parent, KGHM INTERNATIONAL and Sierra Gorda segment results and production — H1 2026 · publ. August 2026 · source ↗
  11. ReportedIts C1 cost after the first six months was 26% above the prior year .
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in the first half of 2026: parent, KGHM INTERNATIONAL and Sierra Gorda segment results and production — H1 2026 · publ. August 2026 · source ↗
  12. ReportedRevenue in the first half of 2026 was 492 million dollars, up 11,3%, but adjusted EBITDA fell to 216 million from 235 million, while its share of joint-venture profit, which is Sierra Gorda, was 160 million dollars against none a year earlier .
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in the first half of 2026: parent, KGHM INTERNATIONAL and Sierra Gorda segment results and production — H1 2026 · publ. August 2026 · source ↗
  13. ReportedSierra Gorda's own adjusted EBITDA was 829 million dollars on a 100% basis .
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in the first half of 2026: parent, KGHM INTERNATIONAL and Sierra Gorda segment results and production — H1 2026 · publ. August 2026 · source ↗
  14. ReportedThe figure to watch is payable copper from the segment's own mines: 19,3 thousand tonnes in the half .
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in the first half of 2026: parent, KGHM INTERNATIONAL and Sierra Gorda segment results and production — H1 2026 · publ. August 2026 · source ↗
Sources
Generated September 24, 2026