Canadian mining company Lumina Metals is moving forward with plans to develop one of Europe’s largest copper mines at the Nowa Sol deposit in western Poland, after receiving C1 category classification and a five-year exclusivity for mining licence application. In an interview with PAP Biznes, CEO Jordan Pandoff confirmed that the company is now entering the permitting phase and considering a Warsaw Stock Exchange (WSE) listing to attract local investment.
Described by Pandoff as “the largest copper discovery in Europe since the 1950s” and ranked globally among the top three in scale and grade, the Nowa Sol project forms part of Lumina’s broader Polish portfolio, which includes around 20 million tonnes of copper resources across three sites. To date, the company has invested PLN 500 million (EUR 117 million) in Poland, with expectations for far higher spending over the next five years.
The mine, once permitted, is expected to take 3–4 years to construct. Although exact production figures have not yet been released, Lumina anticipates becoming one of Europe’s top copper producers, with output split roughly 70% copper and 30% silver, and potential for cobalt, platinum, and gold recovery pending further testing.
Pandoff also expressed openness to collaborating with KGHM, Poland’s state copper giant, particularly by leveraging its smelting infrastructure rather than building a new facility. “KGHM, as a national champion, will benefit,” he said.
While global demand for copper remains strong—driven by military, AI, energy, and EV sectors—Pandoff highlighted that Poland’s current mining tax regime discourages investment. He called for tax reform to align Poland with other successful mining jurisdictions. “At an 80% tax rate, no industry is viable,” he said, noting Canada, Australia, and parts of the U.S. typically cap total tax burdens between 30–50%.
In a promising move for the sector, Poland’s government announced plans to reduce copper taxation starting in 2026, with draft legislation expected in June. According to EY, the reforms could boost Poland’s copper output to over 1 million tonnes annually, fueled by PLN 27 billion (EUR 6.3 billion) in greenfield investment from Lumina Metals and The Electrum Group.
Meanwhile, Lumina is considering an IPO on the Warsaw Stock Exchange, potentially ahead of the mining licence approval. Pandoff views Warsaw as a natural hub for European resource developers. “If the WSE tailored its standards for mining, it could become a central resource exchange for the EU,” he noted.
