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1991 From Copper Mining-Smelting Combine to KGHM Polska Miedź S.A.*

From Copper Mining-Smelting Combine to KGHM Polska Miedź S.A.*
From Copper Mining-Smelting Combine to KGHM Polska Miedź S.A.*

The political and economic changes which Poland experienced after 1989, including the process of transformation to free market principles, required companies to undertake actions aimed at adapting their activities to new realities. The Copper Mining-Smelting Combine was no exception, with the company being forced to undertake immediate restructurisation of its operations to effectively meet the new demands.

The process of ownership and structural transformation commenced in July 1990. Analyses carried out showed the need to separate the enterprise into smaller units, and in particular to separate the core operations from their auxilliary service plants. Following broad negotiations with the trade unions and the approbation of employee delegations, in February 1991 the workers’ council and the General Director of the enterprise submitted a request for the transformation of the enterprise into a state-owned, joint stock company. A few months later, in September 1991, the Minister of Ownership Transformations, acting on behalf of the State Treasury, signed the notary act on the transformation of the Combine into a joint stock company. On 12 September 1991, at the Regional Court in Legnica, the new entity was registered under the name “KGHM Polska Miedź Spółka Akcyjna”. In this way a new entity appeared on the economic map of Poland, which today remains one of the most important strengths of the Polish economy and is a major player on the world’s copper and silver markets.

* Text based on the KGHM Polska Miedź S.A. Monograph, II Edition, Lubin 2007.

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