The capital expenditures of KGHM Polska Miedź in 2014 amounted to PLN 2 416 million, and were close to expenditures from the previous year, which amounted to PLN 2 357 million. Major, implemented investment projects include: Pyrometallurgy Modernisation (PLN 484 million), infrastructure restoration (PLN 449 million), and the Deep Głogów project (PLN 416 million).
Outlays on fixed assets and intangible assets by the KGHM Group
| mn PLN | 2013 | 2014 | Change | Change % |
|---|---|---|---|---|
| KGHM Polska Miedź S.A. | 2 357 | 2 416 | 59 | 2.5% |
| KGHM INTERNATIONAL LTD capital group | 577 | 771 | 194 | 33.6% |
| Sierra Gorda Project1 (55% Capital Group share, company outside Capital Group) | 3 551 | 3 343 | -208 | -5.9% |
| Resource base expansion | 87 | 170 | 83 | 95.4% |
| Main process line support | 277 | 170 | -107 | -38.6% |
| Other segments | 100 | 100 | - | - |
1. Net of consolidation adjustments.
Source: Management Report on activities of the KGHM Polska Miedź S.A. Group in 2014.
Expenditures on tangible fixed assets and intangible assets in the Group in 2014 amounted to PLN 3 640 million and were higher by PLN 254 million (7.5 per cent), compared to 2013. This was primarily due to the increase in capital expenditures in KGHM INTERNATIONAL LTD. of PLN 194 million (33.6 per cent). In addition, the most important project carried out by the Group was the Sierra Gorda project in Chile, being run as a joint venture. The share of KGHM INTERNATIONAL LTD. in capital expenditures incurred on the project in 2014 was PLN 3 343 million. The capital expenditures of KGHM Polska Miedź in 2014 amounted to PLN 2 416 million, and were close to expenditures from the previous year, which amounted to PLN 2 357 million. Major, implemented investment projects include: Pyrometallurgy Modernisation (PLN 484 million), infrastructure restoration (PLN 449 million), and the Deep Głogów project (PLN 416 million).