Prospect Resources granted licences for Mumbezhi copper project
Prospect Resources, an Australian exploration and development company, has successfully obtained two large-scale mining licences (LMLs) for its Mumbezhi copper project in north-west Zambia.
The licences provide 25 years of tenure security, with the option to renew for additional 25-year periods. This milestone ensures long-term stability for the project, enhancing the company’s ability to secure funding and plan operational activities with greater confidence.
Mumbezhi project
The Mumbezhi project holds an initial mineral resource estimate of 107 million tonnes at a grade of 0.5% copper, representing 515,000 tonnes of contained copper. This positions the project to contribute to Zambia’s national goal of achieving an annual copper production of three million tonnes by 2031. The grant of the LMLs strengthens the project’s credibility, offering a level of security that is not typically seen in Australia, where mining licences are usually granted in the final stages of project development.
Prospect Resources’ CEO, Sam Hosack, described the quick approval of the LMLs as a significant achievement that reflects the potential of the Mumbezhi project and the expertise of the company’s team in Zambia. The company is preparing to resume drilling in the second quarter of 2025, with a focus on expanding the resource base, particularly in the underexplored Nyungu Corridor. This area has shown promising geological potential, reinforcing the long-term value of the project.
The company also stands to benefit from Zambia’s mining tax incentives and may secure additional investment advantages through the Zambia Development Agency framework. Positioned in a region known for large-scale copper production, the Mumbezhi project represents a significant growth opportunity for Prospect Resources and supports Zambia’s ambitions to increase copper output in the coming years.
