Poland could more than double its copper production through planned mines by Canada’s Lumina Metals (TSX: LMCU), bolstering the country’s ambitions to become a leading supplier of a metal critical to electrification and industrial growth.
Lumina shares surged as much as 46% on their Warsaw Stock Exchange debut Tuesday after the company raised C$406.2 million in an April initial public offering to advance its Nowa Sól copper project in southwestern Poland.
The stock’s strong performance reflected demand from Polish investors who were unable to participate in the Canadian offering.
In early May, Lumina signed a letter of intent with state-controlled copper producer KGHM Polska Miedz SA to discuss future concentrate supply from the project.
“After consultations with our largest player, KGHM, we concluded that this strengthens Poland’s prospects of becoming an absolutely crucial supplier of the metal of the future,” Prime Minister Donald Tusk said at the Warsaw exchange, Bloomberg News reported. Lumina’s projects present “tremendous opportunities for Poland for a dramatic increase in copper and silver production capacity,” he added.
Copper valley
The developments support a broader government strategy to create a Polish “Copper Valley” that would extend the country’s role beyond mining into refining, manufacturing and other value-added industries. Officials view copper as a strategic resource underpinning sectors including electric vehicles, power infrastructure and electronics, while helping reduce reliance on exports of unprocessed metals.
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From: Lumina Metals presentation, June 2026.)
The push comes as Europe seeks to secure domestic supplies of critical minerals needed for the energy transition and reduce dependence on imported raw materials. A successful buildout of Lumina’s projects would strengthen Poland’s position as a strategic supplier of both copper and silver while supporting the country’s goal of developing a broader industrial ecosystem around metals production.
Tax debate
Lumina plans to develop projects near KGHM’s existing mines and smelters, requiring a combined $6.4 billion investment. The company projects average annual copper-equivalent production of 390,000 tonnes during the first decade of operation, matching KGHM’s current annual copper output in Poland. The country is already the European Union’s largest copper producer through KGHM’s operations.
Lumina CEO Jordan Pandoff said further tax reform will be needed to attract investment in a new generation of mines. While the government has introduced some relief measures, he said the current copper tax regime continues to discourage higher production levels.
“We appreciate the constructive dialog with the government,” Pandoff said. “At the same time, if you wish to see the next generation of greenfield mines developed in Poland, further progress will be required to ensure the fiscal framework becomes competitive.”
Nowa Sól covers 120 sq. km in Poland’s Northern Copper Belt near KGHM’s mining and processing operations. Since discovering the deposit in 2014, Lumina has completed more than 51,000 metres of drilling and outlined a measured and indicated resource of 604 million tonnes grading 1.24% copper and 38 g/t silver. The company describes the project as one of the world’s largest undeveloped copper and silver deposits.
(With files from Bloomberg)
