KGHM sees no competition in Lumina Metals' copper projects, CEO says

“We do not view Lumina Metals’ projects as competition for KGHM. If a copper mine is established in the vicinity of Nowa Sol or Zielona Gora, it will be relatively close to our smelters, and we have excellent technology for smelting concentrates at the Glogow Copper Smelter. This is more of an opportunity than a threat,” CEO Szydlo assessed.

"Secondly, I see opportunities for cooperation in the construction of the mine or the exchange of experience. Thirdly, given the geological and exploitable resources in Poland, the extraction of primary copper at a level of 400,000 tonnes per year is not enough, and KGHM itself is not currently in a position to increase this production. Cooperation is always an opportunity that generates additional experience and expertise," he added.

Lumina Metals (formerly operating in Poland under the name Miedzi Copper) received a C1 category rating for the Nowa Sol copper ore deposit in April and began applying for a mining licence to build one of the largest copper mines in Europe. The company is continuing exploration work on two other deposits: Sulmierzyce and Mozow.

Lumina Metals' CEO Jordan Pandoff told PAP Biznes in June that the company is open to partnerships on the project and is hoping to collaborate with KGHM, including in the areas of technology and geological knowledge. He added that a large part of the raw material produced could go to KGHM's smelters.

According to data from the Polish Geological Institute, at the end of 2023, Poland's copper reserves amounted to approximately 57 million tonnes, of which the three deposits documented by Lumina Metals have reserves of approximately 20 million tonnes (including Nowa Sol with over 10 million tonnes).

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