U.S.-based Metalex Commodities and Zambian-owned Terra Metals Limited have formed a joint venture named Lunda Resources. The partnership aims to develop and operate the Mwinilunga Copper Mine in Zambia's North-Western Province. The agreement was signed at the U.S. Embassy in Lusaka, with U.S. Ambassador Michael Gonzales present.
Lunda Resources has already invested 270 million kwacha, with plans to invest a total of 2.7 billion kwacha for the full development of the mine and its processing systems. The project is expected to process up to 2,000,000 metric tons of copper ore annually, producing 100,000 metric tons of copper concentrates, copper cement, and cobalt precipitate.
The venture currently employs 130 Zambians and plans to create an additional 400 jobs. It also intends to incorporate up to 1,000 artisanal miners into its supply chain by providing them space at the site and paying fair prices for their output.
In an effort to preserve Zambia’s environment, Lunda Resources has committed to designing a solar power generation facility aimed at reducing fuel consumption and carbon emissions.
The company has invested 4.6 million kwacha in local water and sanitation projects benefiting over 3,000 people. In collaboration with local chiefs Sailunga Ikundu and Ntambu, it plans to invest 27 million kwacha annually in community development projects through 2030.
Ambassador Gonzales remarked on the partnership: “This partnership reflects the United States’ commitment to strengthening commercial ties with Zambia, supporting responsible investment in critical minerals.”
Ayo Sopitan, CEO of Metalex Commodities Inc., highlighted the strategic nature of this alliance: “This is more than an investment – it’s a strategic alliance built on shared values of sustainability, innovation, and local empowerment.”
Mumena Mushinge, Chairman of Terra Metals Limited, described the joint venture as transformative: “The partnership with Metalex is a milestone for our company and for Zambia’s mining future.”
The launch comes amid increasing global demand for responsibly-sourced minerals like copper and cobalt essential for advanced technologies.
Metalex Commodities focuses on delivering carbon-neutral critical metals from Africa globally. Terra Metals specializes in sustainable mineral development across Africa for delivery to U.S. markets.