Castillo builds out its copper portfolio with five new projects in Zambia
Castillo Copper (ASX:CCZ) is adding five new copper projects in Zambia to its portfolio in its bid to elevate its profile in the red metal, which by all accounts is tipped to go for a run very soon.
The projects cover more than 1,000 sq km in Zambia, which Castillo says advances its “three-pillared” strategic plan to transform the company into a mid-tier copper miner.
The assets come from Zed, a minerals explorer that Castillo is acquiring in full.
The first project to be developed, the Luanshya project, is located in Zambia’s traditional copper-belt along a key north-west structural trend known as the Lufilian Arc.
Then there’s the Mkushi project, which fortuitously surrounds an operating open-pit copper mine, in a region proven to be highly prospective for copper and gold mineralisation.
Castillo says development work on the remaining ground will start “in due course” but previous artisanal mining operations at the Lusemfwa project indicates outcropping copper mineralisation already.
Zambia is one of the safest countries for mining in Africa. It maintains the lowest level of risk on the Australian government’s Smart Traveller website, though the government recommends reconsidering a need to travel to border areas within the Democratic Republic of Congo, Angola and Mozambique.
Copper is also a strategic mineral to Zambia given its material contribution to exports, GDP and employment.
Rob Scott, Castillo chairman, said the Zambian assets complemented the company’s current Cangai copper mine and Mt Oxide project.
“The board is delighted with the proposed acquisition of a highly prospective tenement package in Zambia. All the key ingredients are now in place to move forward with the board’s three pillared strategic intent to transform CCZ into a dual-listed, mid-tier copper group,” he said.
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