Since it sold its Arcadia lithium project in Zimbabwe for $400 million, Australia's Prospect Resources has been searching for a new African asset in the metals sector. The company's Mumbezhi project in Zambia could become this asset.

On Tuesday, March 11, Prospect Resources published an initial mineral resource estimate for its Mumbezhi copper project in Zambia. This project contains 107.2 million tonnes of ore with a copper grade of 0.5%, totaling 515,000 tonnes of copper. Most of this estimate falls into the inferred category, with indicated resources amounting to 178,100 tonnes of copper. The identified resources are hosted in two deposits: Nyungu Central and Kabikupa. According to Prospect, the project's potential is even greater, with an exploration target ranging from 420 million to 1.05 billion tonnes of ore and a copper grade between 0.4% and 0.6%.

"This maiden MRE represents a huge milestone in the de-risking pathway for Mumbezhi, but it is only the beginning of what Prospect plans to deliver. The next major step planned for Q2 2025 is the Phase 2 drilling program," Sam Hosack, CEO of Prospect Resources, commented, adding that further mineral resource updates are expected in the coming months.

The Mumbezhi discovery is part of Prospect's strategy to become a key player in metals for electric batteries in Africa. The company previously developed the Arcadia lithium project in Zimbabwe, until the feasibility stage, before selling it for around $400 million to China's Zhejiang Huayou Cobalt. Since then, Prospect has been seeking a major new project to develop, and Mumbezhi could fill this role, especially after suspending lithium exploration in Namibia and Zimbabwe.

For now, the development phase of a mine remains distant, and Prospect must primarily focus on increasing the project's resources before conducting economic viability studies. If successful, this would position Prospect as a key player in a copper market where demand and prices are expected to rise due to the energy transition.

This article was initially published in French by Emiliano Tossou

Edited in English by Ange Jason Quenum