| Unit | 2022 | 2021 | Change (%) | Q4 22 | Q3 22 | Q2 22 | Q1 22 | |
| Payable copper, including: | kt | 56,2 | 71,7 | (21,6) | 8,9 | 10,4 | 18,7 | 18,2 |
| – Robinson mine (USA) | kt | 46,8 | 53,6 | (12,7) | 7,2 | 8,8 | 16,5 | 14,3 |
| – Sudbury Basin mines (Canada)1 | kt | 2,5 | 1,9 | +31,6 | 1,0 | 0,6 | 0,5 | 0,4 |
| Payable nickel | kt | 0,4 | 0,5 | (20,0) | 0,1 | 0,1 | 0,1 | 0,1 |
| Precious metals (TPM), including: | koz t | 55,9 | 51,3 | +9,0 | 10,7 | 10,5 | 19,6 | 15,1 |
| – Robinson mine (USA) | koz t | 38,6 | 38,1 | +1,3 | 4,9 | 6,7 | 14,7 | 12,3 |
| – Sudbury Basin mines (Canada)1 | koz t | 17,3 | 13,2 | +31,1 | 5,8 | 3,8 | 4,9 | 2,8 |
In 2022, copper production in the KGHM INTERNATIONAL LTD. segment was 56.2 thousand tonnes, down by 15.5 thousand tonnes (-22%) compared to 2021. The decisive factor for the decrease in copper production was the quality of the ore processed at Robinson (lower content and yield compared to 2021) and the disposal of the Franke mine finalised on 26 April 2022.
The increase in output of precious metals by 4.6 koz t (+9%) resulted chiefly from the increased volumes of platinum and palladium mined at Sudbury.
| J.m. | 2022 | 2021 | Change (%) | Q4 22 | Q3 22 | Q2 22 | Q1 22 | |
| Revenues from contracts with customers, of which2: | mln USD | 720 | 806 | (10.7) | 210 | 132 | 168 | 210 |
| – copper | mln USD | 451 | 600 | (24.8) | 124 | 75 | 107 | 145 |
| – nickel | mln USD | 12 | 8 | +50.0 | 3 | 3 | 2 | 4 |
| – TPM – precious metals | mln USD | 100 | 82 | +22.2 | 28 | 21 | 25 | 26 |
| Copper sales volume | kt. t | 54.8 | 66.2 | (17.2) | 15.3 | 11.3 | 14.2 | 14.0 |
| Nickel sale volume | kt | 0.4 | 0.5 | (20.0) | 0.1 | 0.1 | 0.1 | 0.1 |
| TPM sale volume | koz t | 55.2 | 46.7 | +18.2 | 16.8 | 11.5 | 15.9 | 11.0 |
| Unit | 2022 | 2021 | Change (%) | Q4 22 | Q3 22 | Q2 22 | Q1 22 | |
| Revenues from contracts with customers, of which3: | PLN million | 3,217 | 3,125 | +2.9 | 953 | 648 | 740 | 876 |
| – copper | PLN million | 2,015 | 2,325 | (13.3) | 561 | 379 | 470 | 605 |
| – nickel | PLN million | 55 | 31 | +77.4 | 17 | 11 | 12 | 15 |
| – TPM – precious metals | PLN million | 448 | 318 | +40.9 | 127 | 103 | 110 | 108 |
Revenue of the KGHM INTERNATIONAL LTD. segment in 2022 totalled USD 720 million, down by USD 86 million (-11%), resulting primarily from lower volumes of copper sold (decrease in output, disposal of the Franke mine and delays in rail transport operations affecting sales of concentrate from the Robinson mine).
Moreover, as regards revenue, the prices realised on copper sales were unfavourable due to their lower levels than in 2021. By contrast, DMC Mining Services Ltd.’s revenue increased by 19% due to the greater scope of mining services provided. Key factors affecting the changed volume of revenue compared to 2021 are discussed in the section dealing with the performance of the KGHM INTERNATIONAL LTD segment.
Due to the depreciation of the Polish zloty against the US dollar, the PLN-denominated segment revenue was 3% greater than that generated in 2021.
| Unit | 2022 | 2021 | Change (%) | Q4 22 | Q3 22 | Q2 22 | Q1 22 | |
| Cost of producing payable copper C14 | USD/lb | 2,14 | 2,01 | +6,5 | 2,47 | 2,07 | 1,77 | 2,23 |
In 2022, the weighted average unit cash cost of copper production for all mines in the KGHM INTERNATIONAL LTD. segment was 2.14 USD/lb, up 7% year-on-year. The greater C1 cost was caused by a 17% decrease in the volume of copper sold compared to 2021 and an increase in mining and processing costs per unit of Cu sales. A favourable factor, limiting the increase in C1, was the increase in revenue from sales of precious metals, which reduced this cost.
| 2022 | 2021 | Change (%) | Q4 22 | Q3 22 | Q2 22 | Q1 22 | |
| Revenues from contracts with customers | 720 | 806 | (10.7) | 210 | 132 | 168 | 210 |
| Cost of sales, selling costs and administrative expenses, including5: | (631) | (633) | (0.3) | (200) | (134) | (147) | (150) |
| (impairment losses)/reversal of impairment losses on non-current assets | (8) | (40) | (80.0) | (8) | – | – | – |
| Profit or loss on sales | 89 | 173 | (48.6) | 10 | (2) | 21 | 60 |
| Profit or loss before tax, including: | 229 | 679 | (66.3) | (23) | (21) | 167 | 106 |
| Income tax | (27) | 0 | x | (4) | (1) | (10) | (12) |
| PROFIT/LOSS FOR THE PERIOD | 202 | 679 | (70.3) | (28) | (21) | 157 | 94 |
| Depreciation/amortisation recognised in profit or loss | (127) | (133) | (4.5) | (46) | (28) | (27) | (26) |
| Adjusted EBITDA6 | 224 | 346 | (35.2) | 64 | 26 | 47 | 87 |
| 2022 | 2021 | Change (%) | Q4,22 | Q3,22 | Q2,22 | Q1,22 | |
| Revenues from contracts with customers | 3,217 | 3,125 | +2.9 | 953 | 648 | 740 | 876 |
| Cost of sales, selling costs and administrative expenses, including:7 | (2,820) | (2,463) | +14.5 | (905) | (645) | (645) | (625) |
| – impairment losses/reversal of impairment losses on non-current assets | (36) | (162) | (77.8) | (36) | – | – | – |
| Profit or loss on sales | 397 | 662 | (40.0) | 48 | 3 | 95 | 251 |
| Profit or loss before tax, including: | 1,022 | 2,631 | (61.2) | (98) | (44) | 724 | 440 |
| Income tax | (122) | 1 | x | (22) | (7) | (43) | (50) |
| PROFIT/LOSS FOR THE PERIOD | 900 | 2,632 | (65.8) | (120) | (51) | 681 | 390 |
| Depreciation/amortisation recognised in profit or loss | (568) | (516) | +10.1 | (207) | (133) | (118) | (110) |
| Adjusted EBITDA8 | 1,001 | 1,340 | (25.3) | 291 | 136 | 213 | 361 |
| Item | Description |
| Decrease in revenue – impact on profit/loss: -USD 86 million | Decrease in revenue due to a change in the volume of metals sold, -USD 97 million, of which:
|
Decrease in revenue due to a change in the prices of metals sold, -USD 34 million, of which:
|
|
| Increase in revenue generated by DMC Mining Services Ltd., +USD 20 million | |
| Other factors, +USD 25 million, primarily related to deferred revenue from precious metal purchase contracts | |
| Lower cost of sales, selling costs and administrative expenses – impact on profit/loss: +USD 2 million | Increase in costs by nature before a change in inventories and cost of products manufactured for the entity’s own use, -USD 11 million (primarily an increase in labour costs and third-party service costs). The costs increased despite the sale of the Franke mine (26 April 2022) |
| Change in products and work-in-progress and cost of products for the entity’s own use – impact on profit/loss: +USD 13 million (decrease in costs of -USD 144 million compared to -USD 131 million in 2021) | |
| Impairment losses/reversals of impairment losses on property, plant and equipment – impact on profit/loss: +USD 32 million (-USD 8 million impairment loss on the Carlota mine fixed assets compared to -USD 40 million in 2021) (for Robinson, reversal of the impairment loss of +USD 10 million; impairment losses on non-current assets at Sudbury, Franke and Carlota for a total of -USD 50 million) | |
| Impairment losses/reversals of impairment losses on inventories – impact on profit/loss: –USD 27 million (impairment loss of -USD 10 million in 2022 v. reversal of +USD 17 million in 2021) | |
| Other factors: -USD 4 million | |
|
Impact of other operating activity and financing activity -USD 366 million |
Reversal of an impairment loss on Sierra Gorda mine construction loans, -USD 418 million (reversal of an impairment loss of +USD 196 million v. +USD 614 million in 2021). |
| Other factors, +USD 52 million, including +USD 35 million from the disposal of the Oxide project to Sierra Gorda S.C.M. and +USD 18 million in gain from the sale of Franke assets | |
| Taxes – impact on profit loss (-USD 28 million) | The increase in income tax comprises the following elements:
|
* Cost of sales, selling costs and administrative expenses, excluding impairment losses/reversal of impairment losses on property, plant and equipment and other operating expenses without impairment losses/reversal of impairment losses on Sierra Gorda mine construction loans
