Prospect Resources has acquired two large-scale mining licences for its Mumbezhi copper project in Zambia, ensuring 25-year tenure security. The project holds a maiden resource estimate of 107 million tonnes of copper, supporting Zambia’s future production goals. The swift license grant and strategic exploration indicate positive operational prospects.
Prospect Resources, an Australian exploration and development company, has successfully obtained two large-scale mining licences (LMLs) for its significant Mumbezhi copper project situated in north-west Zambia. These licences ensure twenty-five years of tenure, with the possibility of renewal for additional twenty-five-year periods. This security is essential for the project’s further development, financing, and long-term operational strategies, fundamentally reducing risks associated with project advancement.
The Mumbezhi project boasts a substantial maiden mineral resource estimate of 107 million tonnes (mt) with a copper grade of 0.5%, equating to 515,000 tonnes of copper. This positions the project as a crucial contributor towards Zambia’s objective of achieving a production rate of three million tonnes per annum (mtpa) by the year 2031, reflecting its potential impact on the country’s mining sector.
Sam Hosack, the Managing Director and CEO of Prospect Resources, remarked that the swift granting of the LMLs underscores the significant opportunity offered by the Mumbezhi asset. He acknowledged the professionalism and stakeholder engagement of the team in Zambia, viewing the Licences as a milestone that adds credibility to their tenure, which is more secure and advanced than typical mining licences in Australia.
Notably, Prospect Resources is ideally positioned to leverage Zambia’s mining tax incentives while exploring additional investment benefits through the Zambia Development Agency framework. The company is actively pursuing exploration across the Nyungu Corridor and at Kabikupa, where substantial potential has been identified.
With plans for further drilling set for the second quarter of 2025, Prospect Resources aims to expand its copper resource and push towards establishing a large-scale mining operation. Hosack expressed enthusiasm about resuming drilling at Mumbezhi soon, particularly targeting the Nyungu Corridor, which has remained largely unexplored. He emphasized the site’s excellent geological environment, as evidenced by the size and anticipated longevity of surrounding major copper operations, suggesting profound opportunities await at Mumbezhi.
In conclusion, Prospect Resources has successfully secured vital mining licences for its Mumbezhi copper project, marking a significant step in its development trajectory. The licences guarantee long-term security essential for the project’s growth, which is expected to significantly contribute to Zambia’s copper production goals. Continuous exploration efforts and a focus on regional opportunities reflect the company’s commitment to maximizing the potential of this economically strategic asset.
Original Source: www.mining-technology.com
