Latest news with #SamHosack
Yahoo
16-04-2025
- Business
- Yahoo
Prospect secures $9.5m from First Quantum for Mumbezhi Copper Project in Zambia
Prospect Resources has signed a strategic investment agreement with copper miner First Quantum Minerals (FQM) to raise approximately A$15.2m ($9.5m) in equity with the placement of 101.06 million new shares at A$0.15 each. FQM will become a 15% shareholder in the company and serve as a key technical partner in the future exploration and advancement of the Mumbezhi Copper Project in Zambia. With this investment, First Quantum secures the right to nominate a board member. First Quantum's expertise in copper mining and processing in Zambia, evidenced by its operations at the Sentinel and Kansanshi copper mines, will be valuable to Prospect as Mumbezhi is situated in a similar geological environment to Sentinel, according to Prospect. Prospect is set to commence its phase two drilling programme at Mumbezhi in the second quarter of 2025 (Q2 2025) to expand the mineral resource estimates and explore new regional targets. Prospect managing director and CEO Sam Hosack said: 'Bringing First Quantum into the fold as both a strategic cornerstone shareholder and technical partner offers exceptional value-accretive opportunities for both parties. 'Gaining access to First Quantum's breadth of regional expertise to complement our current multi-disciplinary exploration strategy, Prospect is well placed to continue identifying further regional prospects, make targeted new discoveries and add potential new copper tonnage to the existing Mumbezhi Mineral Resource estimate at a far greater rate.' In addition to the FQM strategic investment, Prospect will raise approximately A$2.8m in new equity proceeds funding from Eagle Eye Asset Holdings with a placement of 18.86 million new shares. Eagle Eye will maintain its 15.3% shareholding in Prospect through its subscription agreement. The combined funds raised from both investments, subject to shareholder approval, will bolster Prospect's working capital and support ongoing activities at Mumbezhi. Azure Capital acted as the financial adviser for Prospect on these strategic investments, with King & Wood Mallesons providing legal counsel. Hosack added: 'We look forward to working closely with First Quantum with the ongoing support of Eagle Eye in targeting the next world-class copper asset in Zambia and in doing so making a material contribution to the Zambian strategy 2031 to produce three million tonnes of copper.' In March 2025, First Quantum's Cobre Panama mine initiated steps to suspend arbitration proceedings against Panama. "Prospect secures $9.5m from First Quantum for Mumbezhi Copper Project in Zambia" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
17-03-2025
- Business
- Yahoo
Prospect Resources secures licences for Mumbezhi copper production in Zambia
Australian exploration and development company Prospect Resources has been granted two large-scale mining licences (LMLs) for its flagship Mumbezhi copper project in north-west Zambia. This grant of the LMLs provides 25-year tenure security, renewable for successive 25-year periods. The licences are a cornerstone for further development, financing and long-term operational planning. The LMLs de-risk the project, contrasting with the Australian system where a mining licence is typically the final step before development. With a substantial maiden mineral resource estimate of 107 million tonnes (mt) grading 0.5% copper for 515,000 tonnes, Mumbezhi is poised to support Zambia's goal of producing three million tonnes per annum (mtpa) by 2031. Prospect Resources managing director and CEO Sam Hosack said: 'The rapid grant of the LMLs over Mumbezhi is a testament to both the underlying opportunity presented by this asset as well as the professional and stakeholder-aware approach adopted by our team in Zambia. 'Like our recent tabling of a maiden mineral resource estimate and development of a substantial exploration target for the project, the grant of these licences represents another major milestone in our journey at Mumbezhi, delivering the inherent credibility attached to this more advanced and secure form of tenure.' Prospect is also positioned to benefit from Zambia's mining tax incentives and negotiate additional investment incentives under the Zambia Development Agency framework. Prospect's exploration efforts continue to identify significant potential across the Nyungu Corridor and at Kabikupa. With further drilling planned for the second quarter of 2025, the company aims to increase its copper resource base and progress towards a large-scale mining operation. Hosack added: 'We are also excited about recommencing drilling at Mumbezhi shortly, with a particular focus on the regional opportunities across this large prospective ground holding. Priority targets for the upcoming programmes include the Nyungu 'Corridor', which remains broadly untested to date. 'Located within a world-class geological address, as established by the scale and projected life of the surrounding major copper operations, delivers us a compelling magnitude of opportunity at Mumbezhi.' "Prospect Resources secures licences for Mumbezhi copper production in Zambia" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
