World Class: Belararox to acquire two copper projects in Zambia, which wants to increase metals output three-fold
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Belararox has inked a deal to acquire the Solwezi East and Chantente exploration licences, near some monster mines in the prolific Zambian Copperbelt province.
Mining is crucial to Zambia’s GDP and responsible for roughly three-quarters of its export earnings.
Zambia’s President Hakainde Hichilema has set his sights on attracting new investors to the nation – which happens to already be Africa’s second-largest copper producer – and aims to triple the output of metals such as copper that are key to the clean energy transition.
Zambia already has several huge deposits near the border with the Democratic Republic of Congo …
… which are all within 175km of Belararox’ (ASX:BRX) new exploration ground.
As part of BRX’s ongoing technical due diligence, desktop studies and project planning are underway to validate the information from previous reports and to review copper targets.
To complete the acquisition, BRX will pay Chemopharm $100,000 in cash and issue shares giving it a 7.49% interest in the explorer.
“This acquisition of the Solwezi East and Chantente projects present a unique opportunity to explore the Zambian Copperbelt and further diversify Belararox’s portfolio of copper and base metals projects in world class metallogenic regions,” BRX exploration director Jason Ward says.
BRX MD Arvind Misra says the acquisitions enhance the company’s existing copper project portfolio, consisting of the TMT copper project in Argentina and its Australian zinc-copper projects, “providing a strong value proposition for shareholders”.
BRX already has 11 highly prospective targets to explore at its Toro-Malambo-Tambo (TMT) project in Argentina, which – like Zambia – want to rejuvenate its copper sector.
The flagship TMT project is in the underexplored gap between the El Indo and Maricunga metallogenic belts, which host some monster deposits.
They include Lundin Mining’s $4.1 billion investment into the Josemaria mine and its Filo del Sol project which has hits of 1,338m @ 1.33% CuEq from 150m in the Maricunga belt to the north.
To the south, Barrick Gold and Shandong own the 22Moz Au Pascua Lama and 6.1Moz Au Veladero gold mines along the El Indo belt.
Ongoing fieldwork at the underexplored TMT is a big step forward on the way to a refining a maiden drilling program.
This article was developed in collaboration with Belararox, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.