Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP ME RGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels,  31.1.2022  
C(2022 ) 637 final  
 PUBLIC VERSION  
South32 Limited   
108 St Georges Terrace, Level 35  
Perth, Western Australia  
6000  Australia  
 
KGHM Polska Miedź  S.A. 
M. Skłodowskiej -Curie 48  
59-301 Lubin  
Poland  
Subject : Case M. 10539  – SOUTH32 / KGHM / SIERRA GORDA  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 6 January  2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the 
undertaking s South32 Limited (‘South32’, Australia) and KGHM Polska Miedź  S.A. 
(‘KGHM’, Poland ) intend to acquire within the meaning of Article s 3(1)(b) and 3(4) 
of the Merger Regulation joint control of Sierra Gorda SCM (‘Sierra Gorda’, Chile) , 
by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 for South32: the production of bauxite, alumina, aluminium, metallurgical 
coal, manganese, nickel, silver, lead and zinc from sites located in Australia, 
Southern Africa and South America;  
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this  decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 21, 14.1.2022 , p. 5. 

2  for KGHM: the production of valuable commodities, predominantly metals, 
including copper, silver, gold, molybdenum, nickel, rhe nium and lead from 
a number of sites worldwide;  
 for Sierra Gorda: the production of copper concentrate and molybdenum 
concentrate (which can be further processed into molybdennym oxide) from its 
mine located in Chile. Sierra Gorda’s copper concentrate also  contains limited 
quantities of silver and gold . 
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5 (a) of the  Commission Notice on a si mplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agre ement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .