Ecora Resources has entered a $50 million streaming agreement with Moxico Resources for the Mimbula copper mine in Zambia. The deal will fund a significant expansion to increase annual copper production substantially by 2026. The project is regarded as a strong investment due to the quality and cost-effectiveness of the ore.
Ecora Resources, based in the UK, has finalized a significant copper streaming agreement valued at $50 million with Moxico Resources for the Mimbula copper mine located in Zambia. The funds from this deal are earmarked for the Phase II expansion of the mine, which is projected to enhance annual copper production from 14,000 tons in 2024 to 56,000 tons by mid-2026.
Marc Bishop Lafleche, the Chief Executive Officer of Ecora Resources, stated that the Mimbula mine exemplifies the types of projects they seek to invest in due to its high-quality ore and low operational costs. He remarked that this agreement will fortify Ecora’s copper portfolio for the short, medium, and long term. The Mimbula mine is anticipated to have an operational lifespan of 11 years, with estimated reserves of 76.4 million tons.
The recent agreement between Ecora Resources and Moxico Resources marks a strategic advancement in copper production in Zambia. The expansion not only bolsters Ecora’s portfolio but also highlights the potential growth in copper output anticipated over the next few years, aligning with industry demands for robust mineral resources.
Original Source: energycapitalpower.com
