US$100M Copper-Cobalt Deal Ignites Zambia’s Mining Sector as Terra Metals, Metalex Launch ‘Lunda Resources’
US$100M Copper-Cobalt Deal Ignites Zambia’s Mining Sector as Terra Metals, Metalex Launch ‘Lunda Resources’
By John Chola
01/06/2025 – AN INVESTMENT deal between U.S.-based Terra Metals and global resource firm Metalex Commodities worth US$100 million is set to reshape Zambia’s mining sector with the launch of Lunda Resources, a new copper and cobalt production powerhouse.
The landmark agreement—finalized this week—will be officially signed at the U.S. Embassy in Lusaka, underscoring strong U.S.-Africa cooperation on critical minerals and clean energy transition.
Metalex has committed the full US$100 million to fast-track the construction and commissioning of a 240-ton-per-hour copper and cobalt concentrator, with production set to begin in September 2025.
“This partnership is a leap forward for Zambia’s mining sector and a cornerstone of U.S.-Africa industrial alignment,” said Terra Metals Chairman Mumena Mushinge, who will also chair Lunda Resources. “We’re building the infrastructure, governance, and funding mechanisms to responsibly extract and deliver the minerals that power the global clean energy future.”
Located in the Kabompo Dome—strategically near major copper mines such as Sentinel, Kalumbila, and Lumwana—Lunda Resources will process high-grade copper and cobalt ores for export via the Lobito Railway Corridor to Atlantic ports and U.S. markets.
The joint venture reinforces Zambia’s growing role in global energy supply chains, aligning with the U.S. Department of State’s Mineral Security Partnership (MSP).
It also marks a commercial and diplomatic milestone in mineral supply diversification efforts.
Leadership will include Ayo Sopitan, CEO of Metalex Commodities, as CEO of Lunda Resources, and Brian Chisala, Executive Director at Terra Metals, adding a cross-continental dimension to the team.
In a parallel development, Terra Metals has also signed a Share Purchase Agreement with Canadian-listed Waskahigan Oil and Gas Corp.
(WOGC), granting it access to North American capital markets and boosting investor opportunities tied to Zambia’s critical mineral assets.
The US$100 million in stage-one financing will fund plant completion, logistics infrastructure, and ESG-driven community development programs, according to Metalex.
The announcement comes as U.S. policymakers ramp up support for African nations capable of supplying critical inputs for clean energy technologies, from EV batteries to grid-scale energy storage.