Metalex Commodities Inc. and Terra Metals Inc. are proud to announce the formation of Lunda Resources, a strategic joint venture with Central African Renewable Energy (CARE). This partnership is set to unlock immense opportunities in Zambia's Northwestern Province, a region fast emerging as the new frontier in copper and cobalt production.
Frank Masaka, CEO of CARE, shared, "We are thrilled to join forces with Metalex, a partner who shares our vision of responsible, high-impact mining. This collaboration paves the way for significant growth and prosperity in the region."
With access to three mining licenses spanning 349 square kilometers, Lunda Resources is uniquely positioned to capitalize on the region’s rich mineral potential. The advanced infrastructure, including a state-of-the-art copper and cobalt concentrator capable of processing 240 metric tons per hour, underscores the company’s focus on operational excellence.
Metalex's commitment is reflected in its $102 million investment to bring these assets into full production over the next 18 months, beginning in June 2024. This substantial funding highlights Metalex's dedication to building high-value projects and elevating production capacity in a region known for its vast untapped resources.
The licenses held by Lunda Resources also include a JORC-compliant report indicating 29 million tons of medium-grade copper-cobalt ore. Further geological assessments will refine these estimates, enhancing the long-term potential of the venture.
Ayo Sopitan, Founder & CEO of Metalex Commodities Inc., remarked, "This partnership with CARE strengthens our strategy of developing critical mineral assets in high-growth regions. With this venture, we aim to accelerate production, drive sustainable growth, and harness the enormous potential of Zambia's copper belt. Our operations will set a benchmark for sustainability and efficiency, ensuring long-term success."
About Metalex Commodities Inc.
Metalex Commodities Inc. is committed to delivering critical metals while advancing carbon-neutral solutions. The company is at the forefront of developing low-cost, high-value assets across Africa, aiming to decarbonize operations and generate carbon credits to support the global green energy transition.
About Central African Renewable Energy
Central African Renewable Energy is a leading exploration company based in Zambia, with a portfolio focused on energy metals. CARE plays a pivotal role in the global shift towards renewable energy, leveraging its resources to contribute to a sustainable future.