15:38 7 October 2025
Canadian company finds large copper deposit in Poland in Lubuskie
Two North American companies — Canada’s Lumina Metals and the U.S.-based Electrum Group — plan to invest PLN 27 billion to build one of Europe’s largest copper and silver mines in Lubusz Voivodeship, western Poland. The Nowa Sól deposit, containing about 11 million tons of copper and 1 billion ounces of silver, could make Poland a major player in Europe’s raw materials market.
However, high taxation and lengthy administrative procedures threaten the project’s viability. Poland’s Total Extraction Tax Rate (TETR) currently stands at 79%, among the highest in Europe. A proposed reform could lower it to 69% in 2026, though investors argue that 50% is needed for profitability.
If approved, the mine could employ up to 72,000 people, generate PLN 3.7 billion in annual taxes, and strengthen Poland’s and the EU’s resource security amid growing global demand for critical raw materials.
(wnp.pl)
