Core Insights - Terra Metals Inc. and Metalex Commodities have finalized negotiations to establish a new company, Lunda Resources, aimed at creating a significant copper-cobalt production enterprise in Zambia, with an initial funding commitment of $100 million [1][4] - The partnership highlights the deepening cooperation between the U.S. and Africa in the clean energy transition and marks an important diplomatic and commercial milestone in the region's mining industry [1][4] Company Leadership and Structure - Mumena Mushinge, Chairman of Terra Metals Inc., will serve as Chairman of Lunda Resources, while Ayo Sopitan, CEO of Metalex Commodities, will take on the role of CEO for the new company [2] - Brian Chisala, Executive Director of Terra, will also join the leadership team, enhancing the joint venture's expertise in cross-continental operations [2] Project Milestones and Infrastructure - A copper-cobalt processing plant with a capacity of 240 tons per hour is under construction in Zambia, set to commence operations in September 2025, aimed at processing high-grade ore and supplying strategic markets, including the U.S. [3] - The project will utilize the Lobito railway corridor for direct logistics to Atlantic ports, facilitating efficient transportation of mineral products [3] Funding and Financial Commitments - Metalex Commodities has committed to raising $100 million over the next nine months to support the plant's completion, logistics and export infrastructure, and community integration projects, along with environmental, social, and governance compliance [3] - Terra Metals Inc. has signed a share purchase agreement with Waskahigan Oil and Gas Corp. (WOGC), allowing it to access the North American public capital markets and enabling institutional investors to participate in Lunda Resources' development [3] U.S. Government Support and Strategic Importance - The formal signing ceremony at the U.S. Embassy in Lusaka reflects Washington's increasing focus on the security of critical mineral supply chains, particularly those essential for electric vehicles, renewable energy, and energy storage systems [4] - The project aligns with the U.S. State Department's Mineral Security Partnership (MSP) objectives, reinforcing Zambia's critical position in the global mineral supply chain [4]
Terra Metals Inc. 与 Metalex Commodities 达成 1 亿美元关键矿产交易;Lunda Resources 计划于 2025 年 9 月投产一座处理能力达 240 吨/小时的铜钴加工厂
Globenewswire·2025-05-29 13:35