New US-Zambia Copper-Cobalt Venture Launched with $100M Investment
US-based critical minerals developer Terra Metals and resource investment firm Metalex Commodities have finalized an agreement to establish Lunda Resources, a new copper and cobalt production venture in Zambia that both companies describe as a potential “powerhouse” in the global critical minerals market.
A formal signing ceremony is set to take place at the US Embassy in Lusaka, underscoring the initiative’s alignment with US government priorities on securing critical mineral supply chains.
In a statement released Wednesday, Terra Metals said the agreement represents a significant diplomatic and commercial milestone for the region’s mining sector and reinforces US-Africa cooperation in the clean energy transition.
Strategic Location and Project Scope
Terra Metals, a Delaware-registered company, holds mining and exploration assets in Zambia’s Kabompo Dome, located approximately 129 km west of First Quantum Minerals’ Sentinel and Kalumbila mines, and 177 km from Barrick’s Lumwana operation.
Metalex Commodities, also based in the US, operates mineral trading businesses in Nigeria and Zambia, with a focus on high-demand commodities such as lithium, manganese, copper, and cobalt.
The newly formed Lunda Resources plans to build and commission a 240-tonne-per-hour copper and cobalt concentrator designed to process high-grade ore and supply strategic markets including the United States, using the Lobito Railway Corridor as its export route.
Construction of the concentrator facility is already underway, with commissioning targeted for September 2025, according to Terra Metals. Metalex has committed $100 million in funding to support the project’s development.
“This partnership is a leap forward for Zambia’s mining sector and a cornerstone of US-Africa industrial alignment,” said Mumena Mushinge, chairman of Terra Metals and newly appointed chair of Lunda Resources.
“We are building the infrastructure, governance, and funding mechanisms to responsibly extract and deliver the minerals that power the global clean energy future,” Mushinge added.
The Lunda Resources venture not only marks a major private-sector investment in Zambia’s growing mining industry but also serves as a model of international collaboration in advancing energy security, mineral independence, and sustainable development.
