Metalex Commodities and CARE Join Forces to Establish Lunda Resources
Metalex Commodities Inc. Partners with Central African Renewable Energy
Metalex Commodities Inc. is thrilled to unveil a significant new chapter in its journey by entering a binding business combination agreement with Central African Renewable Energy (CARE). Together, they will establish Lunda Resources, a joint venture poised to make strides in the burgeoning copper opportunities within Zambia's Northwestern Province, increasingly recognized for its mineral wealth.
Lunda Resources: Pioneering Mining Ventures
Lunda Resources will oversee three mining licenses spanning a total area of 349 square kilometers. This venture is not just about exploration; it’s about harnessing advanced mining and processing technologies. The initiative includes a robust copper and cobalt concentrator capable of processing 240 Metric Tons per Hour, a state-of-the-art facility that positions Lunda Resources as a key player in the sector.
Investment and Commitment
In this partnership, Metalex Commodities Inc. is committing $102 million, allocated to propel these assets into production over the next 18 months. This investment is a testament to Metalex's unwavering dedication to developing projects that hold high value and enhancing their production capabilities.
Exploring Resource Potential
A crucial aspect of Lunda Resources includes a promising JORC-compliant report, which estimates a remarkable 29 million tons of medium-grade copper-cobalt ore. To better understand and quantify these resources, further geological assessments will be conducted, aiming to refine the resource estimates and unlock the full potential of these assets.
A Visionary Partnership
Ayo Sopitan, Founder and CEO of Metalex Commodities Inc., expressed enthusiasm about the new venture. "We are excited to partner with Central African Renewable Energy to create Lunda Resources. This collaboration aligns perfectly with our ambition to develop essential mineral assets in emerging markets. Our investment will not only expedite our path to production but also leverage the extensive potential of the copper belt. Furthermore, we are committed to ensuring our operations prioritize sustainability and efficiency to benefit the region and environment," he stated.
Valuable Collaboration with CARE
Frank Masaka, CEO of CARE, added, "We are delighted by this development. Partnering with Metalex gives us a long-term alliance with a partner capable of delivering results, and we eagerly anticipate the positive outcomes of our collaboration," highlighting the optimism surrounding this strategic partnership.
About Metalex Commodities Inc. and CARE
Metalex Commodities Inc. focuses on providing carbon-neutral critical metals sourced from Africa to the global market. The company aims to develop cost-efficient mining assets while implementing practices to reduce carbon footprints and generating credits that go towards offsetting emissions post-decarbonization.
Central African Renewable Energy's Role
Central African Renewable Energy is an exploration company based in Zambia with a comprehensive portfolio of licenses related to energy metals. Its strategic positioning within Zambia places it at the heart of the global green energy transition, as CARE leverages its assets to contribute meaningfully to sustainability goals around the world.
Frequently Asked Questions
What is the purpose of Lunda Resources?
Lunda Resources aims to exploit copper and cobalt resources in Zambia's Northwestern Province, focusing on sustainable mining operations.
How much is Metalex investing in Lunda Resources?
Metalex Commodities Inc. is investing $102 million to advance the mining assets to production over an 18-month period.
What geological potential is being explored with Lunda Resources?
The licenses managed by Lunda Resources include estimates of 29 million tons of medium-grade copper-cobalt ore, which will undergo further evaluation and exploration.
Who are the key executives in this partnership?
The partnership features Ayo Sopitan, the CEO of Metalex, and Frank Masaka, the CEO of Central African Renewable Energy as key figures driving the initiative.
What is the focus for Metalex moving forward?
Metalex will prioritize developing high-value mineral projects while ensuring sustainable practices and operational efficiency to enhance production capability and meet global demand.
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