Prospect Resources Fast-Tracks Copper Development at Mumbwa Project in Zambia
Prospect Resources Accelerates Mumbwa Copper Project in Zambia with Maiden 107Mt Resource
Australia-listed Prospect Resources is positioning itself as a fast-moving copper developer in Zambia, with Managing Director Sam Hosack telling delegates at the Africa Down Under conference that the company’s Mumbwa project has the scale, grade, and location to support a long-life copper operation.
Prospect previously sold its Arcadia lithium project in Zimbabwe in 2022, delivering a strong return to shareholders. The company has since shifted its focus to Zambia’s North-Western Province, home to major operations such as First Quantum’s Sentinel and Kansanshi mines.
In May 2024, Prospect acquired the Mumbwa project and immediately launched an aggressive exploration program. Within its first year, the company drilled 10,000 m and declared a maiden mineral resource of 107 million tonnes at 0.5% copper, containing around 500,000 t of copper metal.
“That 0.5% grade is typical of what produces three-quarters of Zambia’s copper exports today. It is viable and open-pittable,” Hosack said. “This is a very typical Zambian copper story, but we believe it is one of the most rapidly advancing projects in the country.”
Zambia aims to triple copper production from 800,000 t/y to 3 million t/y by 2031. Hosack said this national vision is supported by strong government policy encouraging foreign direct investment.
“When we look at opportunities, it is always important to marry the political will. In Zambia, we have that in abundance,” he added.
Prospect is now intensifying its exploration program, with an 18,000 m drill campaign under way and a tenement-wide airborne electromagnetic survey testing the project’s broader potential. Early findings point to expansion opportunities, with the company exploring the possibility of a billion-tonne system.
The project has already drawn strategic interest. In 2025, First Quantum Minerals acquired a 15% stake in Prospect, aligning the junior with one of Zambia’s largest copper producers and a potential development partner.
“We have the team, the resource, the infrastructure, and the partnerships to deliver,” Hosack told delegates. “Copper is going to be tightly supplied for the next 5 to 15 years, and Mumbwa is well placed to be part of that solution.”
