IPO Prospectus 

 Global Depositary Receipts

 Table of contents

 Glossary of Certain Technical Terms

 Summary

 Investment Considerations

 The Global Offering

 Dividends

 Capitalisation

 Proceeds

 The World Copper and Silver Markets

 Business

 Management and Employees

 Management's Discussion and Analysis of Financial Condition and Results of Operations

 Summary of Significant Differences between Polish AP, IAS and U.S. GAAP

 Summary Restated Financial Statements

 Mining Engineers' Report

 The Selling Shareholder

 The Republic of Poland

 Polish Securities Market Information

 Description of Shares

 Terms and Conditions of the Global Depositary Receipts

 Summary of Provisions Relating to the GDRs while in Master Form

 Information Relating to the Depositary

 Foreign Exchange Rates

 Taxation

 Purchase and Sale

 Transfer Restrictions /Available Information

 General Information

 Appendix A: Financial Statements

 Appendix B: The Company's Prognoses for the Twelve Months ended 31st December, 1997

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Stock exchange quotations

KGHM

112,90 PLN

WIG 20

2487,83

COPPER

7660,50 USD/t

COPPER 3 months

7675,00 USD/t

SILVER (FIX)

1986,00 USc/troz