Statunga Investments Secures Key License for Zambia’s Luansobe Copper Project Expansion
Zambian mining firm Statunga Investments Limited has obtained an additional small-scale mining license for the Luansobe Copper Project in Zambia.
This new license, numbered 34545-HQ-SML, is valid for ten years and authorizes the exploration and extraction of copper, as well as other base and precious metals, over a 384-hectare area.
“We now have a second mining license for Luansobe, covering the underground resource area,” stated Colin Bird, Chairman of Galileo Resources.
The license supports Galileo Resources’ strategy to develop both open-pit and underground resources at Luansobe. The company is also advancing separate drilling efforts to explore deeper reserves within the mine.
Galileo Resources estimates that the underground resource holds approximately 6.3 million tons with a copper grade of 1.5%. Historic drilling suggests there could be between three to seven million tons of copper at depths of 100 to 300 meters.
Under an acquisition agreement initiated in March 2022, Statunga Investments holds a 25% stake in the Luansobe Copper Project.
