Listwanite from the Luobusa ophiolite, Tibet, forms a narrow, discontinuous band along the eastern part of the southern boundary fault. We undertook a detailed petrographic and geochemical study to understand the mineral transformation processes and the behaviour of major and trace elements during listwanite formation. Three alteration zones characterized by distinct mineral components and texture are recognized and, in order of increasing degree of alteration, these are: zoneIII is rich in serpentine minerals; zoneII is rich in talc and carbonates; and zoneI is mainly composed of carbonates and quartz. Geochemical data for the three alteration zones show significant modification of some major and trace elements in the protolith, although some oxides show linear correlations with MgO. Gold mineralization is recognized in the Luobusa listwanite and may signify an important target for future mineral exploration. Gold enrichment occurs in both zoneI and zoneII and is up to 0.91 g/t in one sample from zoneI. We show that CO2-rich hydrothermal fluids can modify both the occurrence and composition of chromite grains, indicating some degree of chromite mobility. Low-Cr anhedral grains are more easily altered than high-Cr varieties. The compositions of chromite and olivine grains in the listwanite suggest a dunite protolith.