Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeCommoditiesMiningPoland floats 'Copper Valley' idea as Canada's Lumina Metals surges on Warsaw bourse debutNew mines planned by Lumina are poised to more than double output from state-controlled giant KGHMAuthor of the article:Last updated 1 hour ago You can save this article by registering for free here. Or sign-in if you have an account.Copper cathode sheets at the KGHM Polska Miedz SA copper smelter in Glogow, Poland. Lumina Metals Corp. plans to develop its Polish projects near KGHM’s existing mines and smelters. Photo by Damian Lemanski/Bloomberg filesPoland aims to join the ranks of the world’s top copper producers as new mines planned by Canada’s Lumina Metals Corp. in the eastern European country are poised to more than double output from state-controlled giant KGHM Polska Miedz SA.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorLumina shares soared as much as 46 per cent on its Warsaw bourse debut on Tuesday, following an initial public offering in Canada in April aimed at raising funds to finance a new copper mine in southwestern Poland. The stock traded well above the equivalent of its $11.60 closing price in Toronto, reflecting strong demand from Polish investors, including retail traders who were unable to participate in the Canadian offering.Lumina projects “present tremendous opportunities for Poland for a dramatic increase in copper and silver production capacity,” Prime Minister Donald Tusk said at the Warsaw bourse. “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.”The comments come as the government is considering the creation of a “Copper Valley” to foster an industrial ecosystem around copper and silver production, according to Deputy Technology and Development Minister Michal Jaros.“It is not enough simply to extract and export raw materials,” he told Bloomberg News. “We need to develop the next stages of the value chain right here in Poland.”Poland seeks to prop up industries ranging from electric vehicles to electronics and power infrastructure in an effort to reduce its reliance on exports of unprocessed metals. Copper plays a crucial role in helping transition from fossil fuels and due to its widespread use in electrical wiring.“Everyone wants to build their own Silicon Valley. The problem is that there is only one Silicon Valley,” said Jaros in Warsaw. “We, on the other hand, have something that many European countries do not have – a strategic raw material, a well-developed mining industry and a strong manufacturing base.”Lumina plans to develop its Polish projects near KGHM’s existing mines and smelters. They will require US$6.4 billion in total investment and generate average annual copper-equivalent production of 390,000 tons during its first 10 years. KGHM’s existing annual mining output stands at about 390,000 tons in Poland, making it the European Union’s largest copper producer.Lumina chief executive Jordan Pandoff hopes the Polish administration will lower a copper output tax to make investments feasible after Tusk’s cabinet has recently introduced certain reliefs, but kept a mechanism that effectively penalizes firms for higher output.“We appreciate the constructive dialog with the government,” said Pandoff. “At the same time, if you wish to see the next generation of greenfield mines developed in Poland, a further progress will be required to ensure the fiscal framework becomes competitive.” Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.