Tertiary Minerals to own 90% of Zambia copper assets in new JV
Tertiary Minerals PLC announced on Monday a new joint venture deal with Zambia-based Mwashia Resources Ltd, consolidating ownership of the Jacks, Mukai, and Mushima North exploration licenses into a new Zambian company.
Tertiary Minerals, a mineral exploration and development company focusing on energy transition metals, operates projects in the US and Zambia.
Under the agreement, the new company will be 90% owned by Tertiary’s Zambian subsidiary, Tertiary Minerals (Zambia) Ltd, with Mwashia holding the remaining 10%.
Previously, all licenses were held by Mwashia. Tertiary possesses the right to a 90% joint venture interest in the Jacks license and options to earn the same interest in the Mukai and Mushima North licenses by meeting specific expenditures and making payments of USD 60,000 to Mwashia.
Patrick Cheetham, Chairman of Tertiary, expressed satisfaction with the joint venture agreement, highlighting its benefits for both parties.
He emphasized the positive working relationship with Mwashia, which facilitated recent agreements such as the one with KoBold Metals on the Konkola West project.
Cheetham noted that the new agreement simplifies the corporate structure in Zambia, accelerates Tertiary’s ownership holding to 90% in all three licenses, and provides a platform for considering joint venture opportunities from third parties.
Shares in Tertiary experienced a 1.2% decline, trading at 0.077 pence each in London on Monday afternoon.
