Terra Metals and Metalex Commodities Launch Joint Venture to Develop Mwinilunga Copper Mine

Strategic Insights -

Terra Metals, a Zambian-owned mining company, has formed a landmark joint venture with U.S.-based Metalex Commodities Inc. to develop and operate the Mwinilunga Copper Mine in Zambia's North-Western Province. The new entity, Lunda Resources, has already invested ZMW 270 million in initial project development and plans to commit a total of ZMW 2.7 billion toward the mine's full build-out. The operation is expected to process up to 2 million metric tons of ore annually, producing approximately 100,000 metric tons of copper concentrates, copper cement, and cobalt precipitate.

Key Takeaways:

  • The joint venture, Lunda Resources, has invested ZMW 270 million in initial project development and plans to commit a total of ZMW 2.7 billion toward the mine's full build-out, including copper ore processing systems.
  • The Mwinilunga Copper Mine is expected to process up to 2 million metric tons of ore annually, producing approximately 100,000 metric tons of copper concentrates, copper cement, and cobalt precipitate.
  • The joint venture is poised to create significant social and economic benefits, including the employment of 130 Zambians, with plans to create 400 additional jobs.
  • The operation will integrate up to 1,000 artisanal miners into the supply chain with fair purchasing practices and invest in water and sanitation projects benefiting over 3,000 people.
  • Lunda Resources has committed to invest ZMW 27 million annually in community development through 2030, in collaboration with Chief Sailunga Ikundu and Chief Ntambu.
  • The joint venture represents a new benchmark for sustainable, high-impact mining partnerships between Zambia and the United States.

Statistics:

  • Initial investment by Lunda Resources: ZMW 270 million
  • Total planned investment by Lunda Resources: ZMW 2.7 billion
  • Annual ore processing capacity: 2 million metric tons
  • Annual copper production: 100,000 metric tons of copper concentrates, copper cement, and cobalt precipitate
  • Employment opportunities: 130 (current) and 400 (planned)
  • Number of artisanal miners to be integrated into the supply chain: up to 1,000
  • Number of people to benefit from water and sanitation projects: over 3,000

Sources:

  • GlobeNewswire (June 20, 2025)
  • Terra Metals Limited
  • Metalex Commodities Inc.
  • U.S. Embassy in Lusaka
  • Government of Zambia
  • World Bank data on copper and cobalt production