Fair point, and it's the part people here forget too. KGHM is one of the world's biggest silver miners, almost as a side effect of its copper. In Warsaw it still gets talked about as a copper stock.

Nice series. The Polish angle here is KGHM, which runs Sierra Gorda in Chile. What surprises me is how little the market pays for it - very profitable, but growth has been flat, and that seems to be all anyone looks at.

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24 September 2026 17:30

not sure the take on gold holds if the Fed keeps rates where they are.

Warsaw's silver leg is $KGH, and its income statement has not caught the move yet: revenue +3.0% y/y on our 21.09 scorecard, rank #52 of 94. By-product silver from copper shows up in the metal price long before it shows up in the filings.

The Kupferschiefer is the whole KGHM thesis - 60 yrs the only way to own Polish copper. The 2026 twist: Lumina (Ross Beaty-backed) listed in Warsaw to develop Nowa Sol on the same system. So the GPW now offers both: incumbent $KGH and a pure dev-stage challenger. NFA