Prospect fully permitted at Mumbezhi enroute to copper production

Prospect Resources’ large-scale mining licences remove significant risk from its aspirations in the Zambian copper belt
Large maiden resource marked for continued expansion
Project moving in tune with Zambia’s focus on copper for economic growth

Special Report: Prospect Resources has been granted a pair of large-scale mining licences covering its Mumbezhi copper flagship project in Zambia’s copper belt.

Fresh off a maiden 515kt contained copper resource, the licences provide Prospect Resources (ASX:PSC) full-scale mining, processing and export rights for a quarter century – moving in tune with Zambia’s 3 million tonnes annual copper target for 2031.

The initial tenure security is renewable for successive 25-year periods and has already significantly re-risked Mumbezhi as Prospect gets cracking on converting a 420Mt to 1050Mt exploration target grading 0.4-0.6% Cu.

Prospect managing director and CEO Sam Hosack said the rapid granting was testament to the project’s underlying opportunity and the professional, stakeholder-aware approach of its Zambian team.

“Like our recent tabling of a maiden mineral resource estimate and development of a substantial exploration target for the project, the grant of these licences represents another major milestone in our journey at Mumbezhi, delivering the inherent credibility attached to this more advanced and secure form of tenure,” he said.

“This milestone also aligns with Zambia’s long-term vision to cement its position as a leading global copper producer, reinforcing the nation’s ambition to grow copper output to three million tonnes annually.

“With the LMLs in place, Mumbezhi transitions into a fully permitted asset, opening the path for further resource expansion, future mine development, production planning, and strategic financing discussions.”

Zambian expansion

Hosack added the grant provided the long-term security and regulatory framework needed to unlock the project’s full economic potential and contribution to the nation’s broader resource agenda, and the company was excited to get back to drilling shortly, with a focus on regional opportunity across the large prospective landholding.

“Priority targets for the upcoming programs include the Nyungu ‘Corridor’, which remains broadly untested to date,” he said.

“Located within a world-class geological address, as established by the scale and projected life of the surrounding major copper operations, delivers us a compelling magnitude of opportunity at Mumbezhi.”

Prospect has determined that induced polarisation geophysical surveys with follow-up geochemical sampling to be inexpensive and effective tools for investigating its tenure, and the runway is now cleared for full exploration as the company looks towards its initial scoping studies by the end of 2025.