Lumina Metals and KGHM have signed a letter of intent – it concerns the supply of copper concentrate from the Nowa Sól project to KGHM's copper smelters. In response, the giant's price rises.
Lumina Metals has signed a letter of intent with KGHM. In response, the company's share price is rising strongly.
KGHM will cooperate with Canadians
Canada's Lumina Metals has signed a letter of intent with KGHM. It is about cooperation in the field of potential supplies of copper concentrate from the Nowa Sól project to KGHM's copper smelters.
The two companies are to cooperate on a technical and commercial level.
The letter of intent is an important step to strengthen the Polish metals sector and implement Lumina's strategy, which assumes making the Nowa Sól project one of the pillars of copper and silver supplies in Poland and the European Union
Jordan Pandoff, CEO of Lumina Metals, said in the press release.
During the European Economic Congress, he said that "KGHM is a natural partner" for his company.
We will produce copper concentrate, which can be sent to the smelter in Głogów – only about 25 kilometers away from the Nowa Sól project. This is a huge advantage. We do not have to export the product over long distances – our recipient is practically on site
– he added in an interview with CIS.
The concentrate would be transported by rail, pipeline or road.
Polish copper contains significant amounts of silver, as well as other metals, such as rhenium, cobalt and vanadium. These elements will be recovered in the metallurgical process and will increase the value of the entire production chain
– Pandoff concluded.
Cooperation between two leaders
In response to all this, KGHM's share price increased by 8.7%. At the time of writing these words, you should pay PLN 327.7 for one share.
According to the CIS:
In April 2025, Lumina Metals received the C1 category for the Nowa Sól copper ore deposit in the Lubuskie Voivodeship and began applying for a mining concession to build one of the largest copper mines in Europe
KGHM Polska Miedź, on the other hand, invests in Poland, Germany, Canada, Chile and the USA. The company has been listed on the Warsaw Stock Exchange since 1997 and is one of the largest companies on the Polish stock exchange.
