MODERNISATION PROGRAMME

Promoter – Financial Intermediary

Private Promoter

Location

• Poland

Description

Investments for the modernisation and environmental optimisation of smelters and extension of tailings pond enabling mine production of the company beyond 2016.

Objectives

The Promoter is Europe’s largest copper producer, the world’s largest silver producer and produces on top a variety of metallic and chemical by-products. This position is based on a world-class underground ore deposit. The company has embarked on a longer term programme to modernise its production facilities, to render them more efficient and bring them in line with latest environmental legislative requirements. These measures will contribute to keep the company competitive for the foreseeable future and therefore support sustainable growth in this less developed region of Europe. The project is therefore eligible under Article 309 point (a), i.e. projects for developing less-developed regions and also touches upon points (b) modernisation (resource efficiency) and (c) common European interest (Raw Materials Initiative).
These technological improvements will not only lead to improved production capacities, but also to a lower energy use with less emissions of dust, CO2, SO2 and NOx in line with the European Union’s IED (Industrial Emissions Directive).
Further, the conversion of the Legnica smelter to a 100% dedicated waste-derived/ secondary raw materials smelter contributes to the objectives of the Waste Electrical and Electronic Equipment Directive - WEEE) and additionally reducing further the specific energy consumption of the metal produced.

Sector(s)

• Industry

Proposed EIB finance (Approximate amount)

Not disclosed.

Total cost (Approximate amount)

EUR 1000 million

Environmental aspects

The project aims to reduce the environmental impacts of some major installations of the promoter. Three of the four project components (Glogów I smelter rebuild, conversion of the Legnica smelter and the extension of the tailings pond) fall under annex I of the Directive 2011/92/EU, thus requiring a formal EIA. Those EIAs have been established and are available in draft form. The fourth component (Glogów II smelter refurbishment) has elements falling under annex I, others falling under annex II. A respective EIA comprising all elements is underway, but will only be available in early 2014.

Procurement

The promoter is a private company not operating in the utilities sector and not having a status of a contracting authority. Thus, it is not covered by the EU directives on procurement.

Status

Signed - 1/08/2014