Metalex and CARE join forces to launch Lunda Resources in Zambia

On September 23, 2024, Metalex Commodities Inc. announced a strategic partnership with Central African Renewable Energy (CARE) to form a new joint venture named Lunda Resources in Zambia. This collaboration aims to tap into the burgeoning opportunities in Zambia's Northwestern Province, which is increasingly recognized as a significant copper belt. Lunda Resources will oversee three mining licenses that span a total area of 349 square kilometers, equipped with advanced mining and processing infrastructure, including a 240 Metric Ton per Hour copper and cobalt concentrator. Metalex is set to invest $102 million over an 18-month period, commencing in June 2024, to bring these assets into production. This investment highlights Metalex's commitment to developing high-value projects and enhancing production capabilities in the region. The license portfolio includes a JORC-compliant report indicating the presence of 29 million tons of medium-grade copper-cobalt ore, with further geological investigations planned to refine resource estimates. Ayo Sopitan, the Founder and CEO of Metalex, expressed enthusiasm about the partnership, emphasizing its alignment with the company's strategy to develop key mineral assets in emerging regions. The investment is expected to accelerate production and leverage the high potential of the copper belt while ensuring sustainable and efficient operations. Frank Masaka, CEO of CARE, also expressed optimism about the partnership, highlighting the long-term potential of working with Metalex. This collaboration is positioned to contribute significantly to the global green energy transition, leveraging Zambia's rich mineral resources to meet sustainable energy goals.