Prospect Resources Expands Copper Potential at the Mumbezhi Project in Zambia
Prospect Resources has firmly positioned itself as a leading player in the mining sector, particularly noted for its transformative work on the Arcadia Lithium Mine Project in Zimbabwe.
The company’s journey from initial discovery to the successful sale of its 87% interest in Arcadia for approximately US$378 million in April 2022 underscores its expertise and strategic vision.
The Arcadia project saw significant progress through various stages, including resource definition, early-stage technical and economic evaluations, a definitive feasibility study, offtake agreements, pilot plant operation, and strategic project financing.
This comprehensive approach not only advanced the project but also significantly increased shareholder value, with a remarkable +1,500% appreciation in PSC share price during this period.
Building on its success in Zimbabwe, Prospect Resources has turned its focus to Zambia’s prolific Copper Belt with the Mumbezhi Copper Project.
This expansive project spans 356 km² and is strategically located in a region renowned for its high-grade copper deposits, surrounded by world-class mines such as First Quantum Minerals’ Sentinel and Kansanshi mines, and Barrick Gold’s Lumwana Copper Mine.
Prospect Resources secured two binding agreements to unlock this disputed asset, acquiring an 85% stake through Osprey Resources, with the remaining 15% held by Global Development Cooperation Consulting Zambia Ltd.
With control over all historical geological data and 20,000 meters of past drilling results, the company is well-positioned to capitalize on the project’s potential.
Copper is indispensable in the manufacturing of electric vehicles, wind turbines, and solar energy systems. Achieving net-zero emissions by 2050 will require a significant increase in global copper supply, with refined copper usage for decarbonization expected to double by 2035.
The mismatch between current copper supply and future demand underscores the importance of projects like Mumbezhi in addressing the anticipated copper shortfall.
The Nyungu deposits, located within the southwest area of the Mumbezhi licence, exhibit continuous, well-defined zones of copper mineralization.
Current drilling has confirmed mineralization over a 1,200-meter length at Nyungu Central, with soil geochemical anomalies indicating further potential at Nyungu North and West.
The project’s proximity to existing infrastructure and other significant deposits enhances its development prospects.
Prospect Resources has commenced a Phase 1 drilling program (7,000 meters) focused on the Nyungu Central deposit, targeting resource definition and extensional growth.
Phase 2 will include 9,000 meters of drilling, ground IP surveys, and metallurgical testing, while Phase 3 will expand regional exploration in 2025. The goal is to define a maiden mineral resource estimate and explore additional targets within the project area.
With a strong financial position and a strategic focus on Zambia’s copper potential, Prospect Resources is poised for continued growth.
The company is also evaluating other significant opportunities in copper and rare earths, aligning with its core commodities strategy.
The Mumbezhi Copper Project represents a pivotal step in Prospect Resources’ ongoing journey to generate substantial shareholder value through strategic de-risking and advancement of world-class mining projects.
