U.S. based Metalex Commodities and locally-owned Terra Metals Limited have signed a partnership agreement to form Lunda Resources, a joint venture that will oversee the development and operations of the Mwinilunga Copper Mine in North-Western Province.
The agreement was sealed at a signing ceremony held at the United States Embassy in Lusaka and was witnessed by U.S. Ambassador to Zambia, Michael Gonzales.
According to a press release made available to Zambia Reports ,Lunda Resources has so far invested K270 million into the project and is expected to pump in a total of K2.7 billion to fully develop the mine and set up copper ore processing systems. Once fully operational, the mine is projected to process up to two million metric tonnes of copper ore per year, producing approximately 100,000 metric tonnes of copper concentrates, copper cement, and cobalt precipitate annually.
Currently employing 130 Zambians, the joint venture plans to create 400 additional jobs. It also intends to formalise and support artisanal mining by integrating up to 1,000 small-scale miners into its supply chain. These miners will be allocated specific mining zones within the project site and be paid fair market rates for their output.
In a bid to align with environmental standards and sustainability goals, the venture will construct a 10-megawatt solar power and energy storage facility aimed at cutting fuel use and lowering the mine’s carbon footprint.
Lunda Resources has also invested K4.6 million into water and sanitation projects, improving access for over 3,000 people in surrounding communities. Working in partnership with traditional leaders Chief Sailunga Ikundu and Chief Ntambu, the venture plans to channel K27 million annually into community development projects up to the year 2030.
Speaking during the event, U.S. Ambassador Gonzales said the project is a reflection of the growing economic ties between Zambia and the United States.
“This partnership reflects the United States’ commitment to strengthening commercial ties with Zambia, supporting responsible investment in critical minerals. It is a strong example of the kind of private-sector leadership we encourage and celebrate.”
Metalex CEO Ayo Sopitan described the venture as a strategic alliance. “This is more than an investment – it’s a strategic alliance built on shared values of sustainability, innovation, and local empowerment. Through Lunda Resources, we intend to deliver low-emission, high-impact metals to global markets, while driving development on the ground in Zambia.”
Meanwhile, Terra Metals Chairman Mumena Mushinge hailed the development as transformative.
“The partnership with Metalex is a milestone for our company and for Zambia’s mining future. It gives us the resources and international reach to scale responsibly, generate local jobs, and increase Zambia’s share in the global energy supply chain,” he said.