US-based companies forge partnership to establish copper, cobalt venture in Zambia

United States-based critical minerals developer, Terra Metals, and resource investment firm, Metalex Commodities, have reportedly finalised an agreement to establish a new copper and cobalt production venture in Zambia, described as a “new production powerhouse” for the region.

According to a report by Mining.com.terra-metals-metalex-seal-100m-deal-to-form-copper-cobalt-partnership-in-zambia citing a company release, a formal signing ceremony is expected to take place at the US Embassy in Lusaka.

The partnership is said to represent a significant diplomatic and commercial milestone, reinforcing US-Africa cooperation in the global clean energy transition and boosting Zambia’s role as a key player in the critical minerals supply chain.

Terra Metals, a Delaware-registered firm, holds mining and exploration assets in the Kabompo Dome, located approximately 129 kilometres west of First Quantum Minerals’ Sentinel and Kalumbila mines, and 177 kilometres west of Barrick Gold’s Lumwana mine.

Metalex Commodities, also based in the US, operates trading activities in Nigeria and Zambia, focusing on critical minerals including lithium, manganese, copper, and cobalt.

The newly formed joint venture, Lunda Resources, plans to commission a 240-tonne-per-hour copper and cobalt concentrator to process high-grade ores.

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The processed materials will be destined for strategic end-markets, including the United States, via the Lobito Railway Corridor.

Construction of the concentrator is reportedly underway, with commissioning expected by September 2025.

“This partnership is a leap forward for Zambia’s mining sector and a cornerstone of US-Africa industrial alignment,” said Mumena Mushinge, Chairman of Terra Metals and the newly appointed Chair of Lunda Resources.

“We’re building the infrastructure, governance, and funding mechanisms to responsibly extract and deliver the minerals that power the global clean energy future,” he added.

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