Terra Metals Group
Terra Metals Group is pleased to clarify recent media reports surrounding its partnership with Zamsort Ltd, reaffirming the strength of its operations and legal position in Zambia. Recent speculation in Zambian media regarding a debt claim by Terra Metals and other entities, including Mumena Mushinge, against Zamsort Ltd related to a 2015 capital raise has been addressed. This $5.8 million capital raise was completed prior to Arc Minerals’ acquisition of a stake in Zamsort, and the claim, as stated previously, is considered to be without merit.
Furthermore, recent media reports suggesting that Zamsort and another local subsidiary, Handa Resources Ltd, have been placed into receivership are incorrect. An ex-parte order issued on 14 September 2021 purports to restrict Zamsort from transferring its mineral tenements at Kalaba Mine, but Terra Metals has challenged this order and expects it to be set aside imminently.
Terra Metals remains a critical partner in advancing Zambia’s rich mineral potential. The company holds a strong position in Zamsort, a company with prime copper and cobalt assets in the Kalaba region. The ongoing drilling campaigns at Kalaba and the surrounding areas continue to show promising potential, supported by Terra Metals’ commitment to sustainable mining practices and operational excellence.
CEO of Terra Metals, stated:“We are proud of our role in advancing sustainable mining practices in Zambia. Despite the recent media speculation, our partnership with Zamsort remains robust, and we look forward to furthering the development of these key assets. We remain focused on delivering value for our stakeholders and driving long-term success in the Zambian copper and cobalt sectors.”
Terra Metals Group maintains full control of its interests in Zamsort and continues to work closely with Arc Minerals to deliver on its long-term goals. Both companies are aligned in their vision of unlocking the vast resource potential in Zambia’s Northwestern Province, an area rapidly becoming recognized as the new frontier in copper and cobalt mining.
Terra Metals reaffirms its commitment to transparency and operational integrity, ensuring all legal proceedings are conducted in accordance with Zambian law. The company’s drilling programs and exploration activities continue as planned, with further updates expected in the coming months as the company advances its strategic initiatives.
Source: Financial Times
Contact
Terra Metals Group
Corporate Relations
Email: info@terrametals.com
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