Ecora Seals $50M Copper Stream Deal for Zambia’s Mimbula Mine
Critical minerals-focused royalty company Ecora has finalized a $50-million copper stream agreement with Moxico Resources for its Mimbula Mine in Zambia.
The deal covers Mimbula’s existing reserve-based life-of-mine (LoM) of 11 years and will support its ongoing expansion.
Mimbula’s Phase 1 began producing copper in late 2022 and achieved 14,000 tonnes in 2024. Production is expected to ramp up to a steady 56,000 tonnes per year of copper cathode by mid-2026, following the completion of a Phase 2 brownfield expansion.
London-listed Ecora stated that proceeds from the transaction will strengthen UK-based Moxico’s liquidity to fund this expansion.
“This investment cements copper at the core of our commodity exposure and will be immediately accretive to earnings and free cash flow,” said Ecora CEO Marc Bishop Lafleche.
Lafleche emphasized that Mimbula meets all key investment criteria:
- High-quality orebody
- Low operating costs
- Strong management team
- Expansion potential for higher production capacity
He noted that acquiring a producing copper stream enhances Ecora’s organic copper growth profile across the short, medium, and long term. Following this transaction:
- Copper will account for approximately 45% of Ecora’s net asset value (NAV)
- Base metals will represent 75% of NAV
- 80% of Ecora’s portfolio will be linked to low-cost mining operations
This latest move aligns with Ecora’s strategy to strengthen its exposure to copper—a critical mineral for the global energy transition—while ensuring strong financial returns.
