The Abu Dhabi-based natural resources investment platform and Zambia’s mining and energy investment holding company said they would continue working together to advance the development of Mopani Copper Mines Plc through their long-term partnership and joint governance framework.

Ali Rashed Alrashdi, Chief Executive Officer of IRH, said the investment in Mopani reflected a long-term commitment to both the mine and Zambia.

“We value the open and constructive dialogue with ZCCM-IH and the engagement of Zambia’s leadership. We have a strong partnership with ZCCM-IH and share the same ambition for Mopani: to build a stronger, more productive operation that can play an increasingly important role in Zambia’s copper industry,” said Alrashdi.

Phesto N. Musonda, Board Chairperson of ZCCM-IH, highlighted the mine’s economic and social importance to the Copperbelt, particularly the communities of Kitwe and Mufulira.

“Mopani is more than a mine. For generations, it has sustained jobs, skills and livelihoods in Kitwe, Mufulira and across the Copperbelt. ZCCM-IH and IRH share a long-term commitment to its success, and we will keep working constructively with IRH, through our joint governance framework, to build a stronger, more productive operation,” said Musonda.

He added that the partnership would prioritise higher production, employment security, opportunities for Zambian suppliers and improvements in surrounding communities.

The renewed commitment comes as Zambia seeks to strengthen its copper industry and maximise the economic benefits of its mineral resources. Mopani remains an important part of the country’s mining sector, with its performance carrying implications for employment, local supply chains and economic activity across the Copperbelt.

For the two shareholders, the focus is on building a more productive operation capable of delivering long-term value to shareholders and the Zambian people.

The results from all five holes drilled during the first phase of the company’s Pit 2 drilling programme were analysed by ALS Laboratories using ICP Sodium Peroxide Infusion testing for zinc, lead and copper.

Among the strongest intersections was hole KBDD03, which returned 19.95 metres grading 29.07% zinc from a depth of 221 metres. KBDD01 returned 21.34 metres at 13.37% zinc from 206.06 metres, while KBDD05 intersected 6.4 metres grading 15.33% zinc from 335.6 metres.

Using a 10% zinc cut-off, KBDD03 retained the 19.95-metre intersection at 29.07% zinc, while KBDD05 returned a three-metre intersection grading 30.22% zinc. Maximum individual zinc assays reached 48.5% in both KBDD03 and KBDD05.

Shuka said the results compared favourably with the preliminary pXRF readings and provided further information on the scale and grade of mineralisation within Pit 2.

“The lab results returned confirm extremely high grades in the Pit 2 area and well above those grades previously reported in the historic blocks where averages were reported at 11.5% Zn and 1.7%Pb with the highest grades reported being 20-22% Zn. This may be due to the improvement in laboratory testing capabilities since the historic resource,” said Shuka Minerals chief executive Richard Lloyd.

The company has assessed the results using both the historical 10% zinc cut-off and a 5% cut-off, which it considers more appropriate under current commodity prices and project conditions. Shuka said the lower cut-off produces wider mineralised intersections, although the final cut-off will ultimately depend on mining methods and project economics.

Lloyd said the results also support the company’s view that the historical resource at Pit 2 could be expanded significantly.

“The lab results compare favourably to the spot pXRF results. We have compared readings with 2 cut off grades, a historic 10% Zn cut-off and a more realistic 5% Zn cut-off, the results clearly show much wider intersections at the more realistic cut-offs, and with the very high grades you would be able to withstand increased internal dilution once mining commences,” he said.

According to the company, the 2023 Behre Dolbear NI 43-101 report estimated 1.958 million tonnes of indicated and inferred resources in the No. 2 orebody, grading 12% zinc and 2% lead to a depth of 300 metres. A broader estimate puts remaining tonnage at 2.956 million tonnes grading 11.5% zinc and 1.7% lead to 600 metres.

Additional laboratory analysis for silver, vanadium, germanium and gallium is still underway.

“These results give the Board confidence in a significantly increased mineral resource and supports the Company’s statement that we are looking to increase the historical resource at Pit 2 by at least 50%,” Lloyd said.

Nyankhundi Phiri, country manager for SRK Consulting (Zambia), pointed to the two key government frameworks driving change in the sector: the National Mineral Resources Development Policy, focused on improving geological mapping and expanding mineral exploration, and the Three Million Metric tonnes Copper Production Strategy, which targets annual copper output of at least three million tonnes by 2031. “The production target is already influencing the attitude of investors, while reforms are underway to create a more efficient regulatory environment,” said Phiri.

“The establishment of the Minerals Regulation Commission, created under the Minerals Regulation Commission Act 2024 for instance, now handles licensing and regulation while also strengthening coordination with environmental authorities, separate from policy, which sits with the Ministry of Mines and Mineral Development.

Targeting new operations

Copper production has been approaching a million tonnes a year, but achieving three million tonnes will require substantially more than expanding existing operations. With the goal of facilitating numerous new mining operations, Zambia is therefore investing in the geological information needed to stimulate new exploration.

“A countrywide geological and geophysical mapping programme was launched in 2024, and is almost 94.2% complete,” he said. “Making this information available to investors will undoubtedly help to unlock new deposits and support Zambia’s drive towards its production target.”

Exploration and mining activity is already building across the country, including outside the traditional Copperbelt, according to Able Tunono, country lead and director of SRK Consulting (Zambia).

More than copper

“There is considerable movement in the mining sector currently, even in the non-copper commodities,” said Tunono. “This includes increased activity around tailings reclamation, old stockpile dumps and new deposits, particularly in north-western Zambia.”

He attributed much of the optimism to strong global copper demand, driven by renewable energy, electric vehicles, transmission infrastructure and data-intensive technologies.

Zambia’s ambitions certainly extend well beyond copper and cobalt, the country’s traditional mineral foundation. Its National Critical Minerals Strategy 2024–2028 also identifies nickel, manganese, lithium, graphite and rare earth elements among the country’s strategic resources. Importantly, the strategy goes beyond extraction, said Phiri – seeking greater local content, beneficiation, manufacturing, skills development and participation in critical-minerals value chains.

Regional mineral hub

“The strategy speaks not just to the extraction of these minerals, but to the important value addition that can be created – which brings industrialisation, job creation and sustainable development,” he said.

Tunono added that Zambia is seeking to position itself as a regional centre for mineral diversification and potentially battery manufacturing, drawing on resources from across the Southern African region. This is one of the focus areas of this year’s Zambia Mining and Investment Insaka – to be held in October – with the theme of ‘Transforming Africa’s Mining Landscape: Regional Value Chains, Shared Prosperity and Empowering Communities’.

Investment in the country is already becoming more diverse, explained Desmond Mossop, partner and principal engineering geologist at SRK Consulting (South Africa) and director at SRK Consulting (Zambia).

“There is interest from major mining companies alongside mid-tier and junior miners, local businesses and joint ventures,” said Mossop. “Infrastructure development is adding to the momentum, with transport corridors such as Lobito, TAZARA rehabilitation and Nacala offering alternative routes for minerals and supporting wider investment.”

More responsibility

Mining growth brings added technical and environmental responsibilities, he pointed out. The national strategy identifies sustainable mining, renewable energy investment and stronger environmental and social regulation as key challenges. Deeper and larger mines increase geotechnical and water-related risks, for example, making early investigation and responsible design essential.

“Conducting larger scale mining responsibly requires that project owners include a range of down-the-line aspects in the up-front design,” emphasised Mossop. “Environmental, closure and technical considerations need to be incorporated from exploration through feasibility and construction.”

Power to grow

Energy is another critical enabler. Phiri notes that an open-access electricity policy allows mines to purchase power directly from independent producers as well as energy traders, turning energy supply into an investment opportunity, while government is targeting substantial additional generating capacity. Transport/corridor upgrades and public-private partnerships are similarly helping address infrastructure constraints.

“For Zambia, the opportunity is therefore about more than producing more copper,” he concluded. “It is about building the geological, regulatory, infrastructure, skills and value-addition capacity required to turn mineral wealth into sustained economic development — while ensuring that rapid growth remains technically sound and environmentally responsible.”

The Critical Minerals Strategy explicitly links this approach to Zambia’s ambition of becoming an industrialised, middle-income country by 2030.

Officially launched in March 2026, the Kitwe office of SRK Consulting (Zambia) builds on the company’s several decades of experience in the country. The multidisciplinary team combines local knowledge with SRK’s international technical expertise, supporting clients across mining, environmental, geotechnical, water, engineering and sustainability disciplines.

The results cover five drill holes and confirm two areas of mineralisation within the Discovery Zone: a thick, near-surface zone and a higher-grade section. Tertiary Minerals had previously defined a near-surface Exploration Target for the Discovery Zone of 15 million to 30 million tonnes grading between 40 g/t and 60 g/t silver equivalent.

Among the results is an intersection of 66 metres grading 58 g/t silver equivalent, equivalent to 0.97% copper equivalent, from a depth of seven metres. A higher-grade intersection of seven metres at 89 g/t silver equivalent, or 1.49% copper equivalent, was recorded from 81 metres downhole.

Richard Belcher, Managing Director of Tertiary Minerals, said the initial laboratory results supported the copper and zinc indications identified during drilling and provided the company’s first confirmed silver intersections at the prospect.

“While these are from only the first five holes, they have not disappointed. These results support the preliminary in-field copper-zinc results, provide the first silver intersections and confirm the near surface, thick silver-copper-zinc mineralisation within our Exploration Target,” said Belcher.

He added that the results also provided further support for the potential of a higher-grade mineralised zone within the Discovery Zone.

The Phase 4 programme comprised 39 reverse circulation (RC) drill holes covering 3,639 metres. At the Discovery Zone, drilling was conducted along east-west lines spaced about 100 metres apart in a north-south direction, with holes positioned approximately 50 metres apart along each line.

The holes reached vertical depths of up to 128 metres. Tertiary Minerals said drilling depth was limited by the capabilities of the rig under the prevailing conditions, including a higher-than-expected water table that resulted in wet samples.

The company conducted the drilling in two passes, allowing its geological model to be updated as results became available and enabling subsequent drilling to be adjusted according to the information gathered.

Mushima North lies within Zambia’s Iron-Oxide-Copper-Gold region, while Target A1 is a polymetallic silver-copper-zinc prospect located about 28 kilometres east of the historic Kalengwa copper-silver mine, which is currently being redeveloped.

Further laboratory results from the Phase 4 programme are expected as analytical work continues.

The integrated copper producer and resource developer said it received two binding offers for the greenfield project before selecting its preferred buyer.

The LWP would have required significant standalone capital investment to develop. Jubilee said the proposed transaction will allow it to unlock value from the project while avoiding that capital commitment.

The deal will now move into a two-stage due diligence process. The first stage will focus on confirming the contractual and regulatory framework governing the LWP and is expected to take about 10 days.

If that stage is completed satisfactorily, the preferred purchaser will make a US$2.25 million payment to secure a further 45-day exclusivity period for the completion of its remaining due diligence.

Once due diligence is completed and definitive transaction documents are signed, the outstanding US$35 million consideration will be paid over three years.

The purchaser will also have the option to accelerate payment within two years. Under this arrangement, the total consideration payable to Jubilee would be reduced to US$30 million.

Jubilee said its management has satisfied itself that the preferred purchaser has the ability to meet the agreed consideration.

The proposed transaction also replaces an earlier agreement announced by Jubilee for the sale of 10 million tonnes of waste material from the LWP for US$6.75 million.

Approximately 550,000 tonnes of the waste material have been collected to date, generating about US$600,000 in payments to Jubilee.

The LWP transaction forms part of Jubilee’s broader strategy to develop its copper and resource-processing operations in Zambia while managing the capital requirements associated with its project portfolio.

The company announced on Wednesday, July 29, that it had acquired the interest in Licence 33543-HQ-LEL, which covers approximately 16.15 km² and is located about 12 km north of Mkushi.

The licence is situated 17 km along strike from First Quantum Minerals and Mimosa Resources’ Fishtie/Kashime Copper Project, placing Patriot’s exploration ground within a well-established copper exploration corridor.

The licence covers the south-western extension of the Lusale Basin mineralised corridor, a Neoproterozoic sedimentary sub-basin whose geological setting is considered favourable for copper-hosted mineralisation.

Patriot said the Lusale Basin is regarded as an eastern extension, or satellite basin, of the DRC-Zambian Central African Copperbelt.

“Mineralised zones occur in the lower portion of the Nguba Group, a stratigraphic position above the units that host most deposits in the Zambian Copperbelt,” the company said.

Patriot noted that this geological position is broadly comparable with the stratigraphic setting of the Kamoa deposit in the Democratic Republic of Congo and the Lonshi deposit on the eastern edge of the Zambian Copperbelt.

“This places Patriot’s ground within a stratigraphic trend that hosts tier-1 scale copper mineralisation elsewhere, supporting discovery potential as the Company advances exploration activities,” it said.

The acquisition gives Patriot a 90% interest in the licence, with MNS Global World Import and Export Limited retaining a 10% free-carried interest.

Under the terms of the agreement, Patriot will pay US$50,000 for the 90% interest, with US$20,000 payable upon signing and the balance due on completion.

The company announced the successful completion of drill holes KBDD06 and KBDD07 in the “Speaks” and “Mine Club” zones, located more than one kilometre northwest of the Pit 2 area, where exploration has largely been concentrated to date.

The latest drilling forms part of a broader exploration programme designed to evaluate mineralisation beyond the historically mined sections of the Kabwe deposit. Working alongside geological consultants GeoQuest, Shuka is targeting previously unexploited orebodies at depths ranging from approximately 150 to 275 metres.

According to the company, drill hole KBDD06 reached a final depth of 269.1 metres and represents the first exploratory hole completed in the northern section of the Speaks/Mine Club area, which is considered an extension of the historic Kabwe zinc-lead-copper deposit.

Downhole gyroscope measurements confirmed the drill hole closely followed its planned trajectory, providing confidence in the geological data collected.

Initial observations identified three mineralised zones at depths of approximately 20–25 metres, 83–88 metres and 140–142 metres downhole. Samples from the drilling programme have been submitted for laboratory analysis, with assay results expected to provide a clearer indication of the grade and economic potential of the intersected mineralisation.

Shuka Minerals CEO Richard Lloyd said the early results are encouraging, particularly given the exploratory nature of the programme.

“The northern areas of the Kabwe Project are less defined, so the programme here is much more of a true exploration drilling programme. We again hit mineralisation in our first holes and demonstrated the northerly reaches of the orebodies. These exploration holes give us much more information about the orebody and its behaviour along strike. We now return to drilling more centrally in this northern orebody and will have further drilling updates in the near term.”

The northern extension of the Kabwe deposit remains comparatively underexplored despite historical resource estimates suggesting significant potential.

According to the Behre Dolbear 2023 NI 43-101 Technical Report, the Speaks orebody hosts an indicated and inferred mineral resource of approximately 1.94 million tonnes grading 12% zinc and 2% lead. The adjacent Mine Club orebody contains an estimated 666,000 tonnes grading 11.7% zinc and 0.8% lead, with additional silver and vanadium oxide mineralisation. Previous exploration has also identified copper mineralisation in the northern portion of the project.

The Kabwe Project is one of Zambia’s best-known historic base metal operations, and Shuka’s latest drilling campaign forms part of ongoing efforts to better define the remaining resource and evaluate opportunities to expand future mine development.

The restart marks an important milestone in the company’s strategy to expand copper production in Zambia while improving operational efficiencies amid rising input costs.

Jubilee CEO Leon Coetzer said June’s operational performance would provide a clearer indication of the plant’s sustainable processing capacity and recovery efficiencies, particularly following the integration of fine copper concentrate processing at the company’s Sable refinery in Kabwe.

Monthly fine concentrate production currently includes approximately 140 tonnes of copper that had previously been stockpiled at Roan and is now being progressively reprocessed as part of the operation’s broader optimisation programme.

As part of its ongoing expansion plans, Jubilee is evaluating additional optimisation initiatives, including the potential activation of the front-end dense medium separation (DMS) circuit during June. The company believes the circuit could further enhance throughput and improve overall processing efficiencies at Roan.

A key development during the period was the successful commissioning of the newly installed fine copper concentrate dewatering facility. Performance calibration is currently underway to establish stable continuous operation and maximise recovery rates.

The dewatering circuit is a critical component of Jubilee’s integrated copper processing strategy, enabling efficient handling of fine concentrate streams that account for approximately 25% of the total contained copper in the RoM feed processed at Roan.

During the planned shutdown, Jubilee implemented several operational improvements designed to counter increasing production costs, particularly higher fuel and acid prices.

Among the most significant upgrades was the expansion of the copper oxide recovery circuit, which is expected to improve copper recovery efficiency by approximately 5%.

The enhancement is expected to partially offset the impact of a near 80% increase in local fuel costs, which have substantially increased expenses related to ore transportation to Roan and concentrate transport to the Sable refinery.

According to the company, acid consumption and transport costs represent approximately 20% and 16% of monthly operating expenses, respectively, underscoring the importance of efficiency improvements in protecting operating margins.

Maintenance activities undertaken during the shutdown focused on the run-of-mine feed circuit, internal pumping systems within the flotation units and final modifications to the new dewatering system.

The company reported that the dewatering facility has already demonstrated an ability to operate above current production levels, providing sufficient capacity to accommodate future expansion plans. Additional optimisation work remains underway to ensure stable performance under varying feed density conditions.

Jubilee also maintains substantial stockpiles of naturally dried fine concentrate that can be transported to Sable should temporary disruptions occur in fresh concentrate production.

Coetzer described the successful commissioning and ramp-up of the dewatering circuit as a significant step in advancing Jubilee’s Zambian copper growth strategy.

He said the ability to process both newly generated and historical fine concentrate material improves operational flexibility, strengthens the company’s integrated processing model and supports the continued scaling of copper production across its Zambian operations.

The restart of Roan and the ongoing optimisation initiatives position Jubilee to increase copper production while improving operational resilience in a challenging cost environment.

According to Business Insider, the arbitration award comprises $69.3 million in principal and $19.7 million in accrued interest as of March 31, along with costs associated with the arbitration process and Trafigura’s lengthy legal fees. In a compelling ruling, ZCCM has also been directed to pay an additional £73,525 in arbitration fees and reimburse £1.78 million, which accounts for 90% of the legal costs incurred by Trafigura.

This dispute traces back to February 2024, when Trafigura initiated legal proceedings under the London Court of International Arbitration Rules 2020. The contentious issue arose from a prepayment agreement with Konkola Copper Mines during the time it was under ZCCM management. As KCM is one of Zambia’s key copper mining entities, this ruling could have far-reaching implications for the country’s mining industry and its financial future.

Meanwhile, in a contrasting development, Konkola Copper Mines has recently resumed its mining activities at Chingola B shaft, marking a significant return after an 18-year hiatus. This revival is expected to provide a much-needed boost not only to the company but also to the local economy, which has been grappling with various challenges in the wake of fluctuating copper prices and operational setbacks.

The Junior Indaba aims to explore a burning question nagging at the core of this dynamic industry: “Where are the best opportunities for junior mining in Africa today?” The answers to this query will be discussed throughout the two-day event, as stakeholders examine significant challenges that affect operations for junior miners not only in Southern Africa but across the continent. Notable among these obstacles are policy uncertainty, infrastructure constraints, energy insecurity, limited access to capital, skills shortages, and complex supply chains.

Bernard Swanepoel, the Chair of the Junior Indaba, emphasised the significance of this year’s event. “Junior mining is increasingly an African growth story. Botswana, Angola, and Zambia each offer different lessons in geology, policy, investment, and execution, and it is important that we hear directly from the people closest to those markets,” said Swanepoel. His comments highlight the focus on practical engagement that has shaped the Junior Indaba since its inception.

The event promises an impressive lineup of speakers, including Charles Siwawa, CEO of the Botswana Chamber of Mines; José Sumbula da Silva Calamba, Vice President of the Chamber of Mines of Angola; and Sokwani Chilembo, CEO of the Zambia Chamber of Mines. These leaders are set to share invaluable insights that can influence policy and investment within their respective sectors. Moderating these discussions will be Mzila Mthenjane, CEO of Minerals Council South Africa, who will guide conversations aimed at navigating the evolving landscape of junior mining.

Presented by Resources 4 Africa, the Junior Indaba 2026 is celebrated for its strong connections to key industry stakeholders and sponsors. Offering support as Lead Sponsors are DRA Global and ENS, while the Minerals Council South Africa acts as the Mining Industry Partner. Networking opportunities and collaborative discussions will be further enhanced by the involvement of consulting groups, including Bara Consulting, the Council for Geoscience, Fraser McGill, Junior Mining Council, and The SSC Group.

This year’s Junior Indaba is more than shaping the future of junior mining in Africa. By gathering influential leaders and fostering open dialogue, the event aims to sow the seeds for actionable solutions and opportunities that can drive growth across the sector.