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Mumbezhi copper project in the north-west of the country has been granted two large scale mining licences (LML). The developers of the project Prospect Resources the development marks a significant transition for Mumbezhi.
“The rapid grant of the LMLs over Mumbezhi is a testament to both the underlying opportunity presented by this asset as well as the professional and stakeholder-aware approach adopted by our team in Zambia.
“Like our recent tabling of a maiden Mineral Resource estimate and development of a substantial exploration target for the project, the grant of these licenses represents another major milestone in our journey at Mumbezhi, delivering the inherent credibility attached to this more advanced and secure form of tenure,” said Prospect’s Managing Director and Chief Executive Officer, Sam Hosack.
The granting of these LMLs places Mumbezhi in a prime position and is expected to contribute meaningfully to the country’s target of producing three million tonnes of copper annually by 2031.
“With the LMLs in place, Mumbezhi transitions into a fully permitted asset, opening the path for further resource expansion, future mine development, production planning, and strategic financing discussions.
“This grant provides the long-term security and regulatory framework needed to unlock the full economic potential of the Project and contribute to Zambia’s broader resource led industrialisation agenda,” said Hosack.
The LMLs provide for full-scale commercial mining, processing and export of minerals and in addition, the term of the LMLs provides the runway required to fully explore the large ground position, and pending success, upscale the project to improve on initial planned scoping studies.
