U.S. and Zambian Firms Launch K2.7B Copper Venture
U.S.-based Metalex Commodities and Zambia’s Terra Metals Limited have officially launched Lunda Resources, a new joint venture to develop and operate the Mwinilunga Copper Mine in North-Western Province.
The agreement, signed at the U.S. Embassy in Lusaka and witnessed by U.S. Ambassador Michael Gonzales, represents a significant step in U.S.–Zambia commercial relations, particularly in the mining sector.
With an initial investment of K270 million and a projected total of K2.7 billion, Lunda Resources plans to process up to 2 million metric tons of copper ore annually. The expected output includes 100,000 metric tons of copper concentrates, copper cement, and cobalt precipitate.
The project has already created 130 jobs and is set to add 400 more, while also integrating up to 1,000 artisanal miners into its supply chain through fair pricing and access to mining space.
As part of its sustainability goals, Lunda Resources is designing a 10-megawatt solar power and energy storage facility to reduce carbon emissions and fuel usage. The company has also invested K4.6 million in local water and sanitation infrastructure, benefiting over 3,000 residents, and pledged to invest K27 million annually in community development through 2030, in collaboration with traditional leaders Chief Sailunga Ikundu and Chief Ntambu.
“This partnership reflects the United States’ commitment to strengthening commercial ties with Zambia and promoting responsible investment in critical minerals,” said Ambassador Gonzales.
Ayo Sopitan, CEO of Metalex, said the venture is “more than an investment” and emphasized the shared values of sustainability and empowerment.
Terra Metals Chairman Mumena Mushinge hailed the deal as a milestone for Zambia’s mining future, noting it enhances the country’s role in the global energy transition.
