Australian exploration and development company Prospect Resources has been granted two large-scale mining licences (LMLs) for its flagship Mumbezhi copper project in north-west Zambia.
This grant of the LMLs provides 25-year tenure security, renewable for successive 25-year periods. The licences are a cornerstone for further development, financing and long-term operational planning.
The LMLs de-risk the project, contrasting with the Australian system where a mining licence is typically the final step before development.
With a substantial maiden mineral resource estimate of 107 million tonnes (mt) grading 0.5% copper for 515,000 tonnes, Mumbezhi is poised to support Zambia’s goal of producing three million tonnes per annum (mtpa) by 2031.
Prospect Resources managing director and CEO Sam Hosack said: “The rapid grant of the LMLs over Mumbezhi is a testament to both the underlying opportunity presented by this asset as well as the professional and stakeholder-aware approach adopted by our team in Zambia.
“Like our recent tabling of a maiden mineral resource estimate and development of a substantial exploration target for the project, the grant of these licences represents another major milestone in our journey at Mumbezhi, delivering the inherent credibility attached to this more advanced and secure form of tenure.”
Prospect is also positioned to benefit from Zambia’s mining tax incentives and negotiate additional investment incentives under the Zambia Development Agency framework.
Prospect’s exploration efforts continue to identify significant potential across the Nyungu Corridor and at Kabikupa.
With further drilling planned for the second quarter of 2025, the company aims to increase its copper resource base and progress towards a large-scale mining operation.
Hosack added: “We are also excited about recommencing drilling at Mumbezhi shortly, with a particular focus on the regional opportunities across this large prospective ground holding. Priority targets for the upcoming programmes include the Nyungu ‘Corridor’, which remains broadly untested to date.
“Located within a world-class geological address, as established by the scale and projected life of the surrounding major copper operations, delivers us a compelling magnitude of opportunity at Mumbezhi.”
