US-based critical minerals developer Terra Metals and resource investment firm Metalex Commodities have finalized an agreement to launch Lunda Resources, a new copper and cobalt production venture in Zambia. The companies describe the initiative as a potential “powerhouse” in the global critical minerals market, positioned to strengthen clean energy supply chains and deepen US-Africa industrial cooperation.
A formal signing ceremony is scheduled to take place at the US Embassy in Lusaka, underscoring the venture’s alignment with US strategic goals to secure critical mineral resources vital for the energy transition.
Terra Metals, headquartered in Delaware, holds significant mining and exploration licenses in Zambia’s Kabompo Dome, a geologically rich zone situated roughly 129 km west of First Quantum Minerals’ Sentinel and Kalumbila mines, and 177 km from Barrick Gold’s Lumwana operation.
Metalex Commodities, also US-based, brings its expertise in mineral trading across Nigeria and Zambia, focusing on high-demand resources including lithium, manganese, copper, and cobalt.
The newly established Lunda Resources will develop and operate a 240-tonne-per-hour copper and cobalt concentrator capable of processing high-grade ore for strategic markets—including the United States. Export logistics will leverage the Lobito Railway Corridor, enhancing regional connectivity and reducing transport bottlenecks.
Construction of the concentrator is already underway, with commissioning targeted for September 2025. Metalex Commodities has committed a $100 million investment to fully finance the project’s development.
Strengthening US-Africa Clean Energy Collaboration
“This partnership is a leap forward for Zambia’s mining sector and a cornerstone of US-Africa industrial alignment,” said Mumena Mushinge, Chairman of Terra Metals and newly appointed Chair of Lunda Resources.
“We are building the infrastructure, governance, and funding mechanisms to responsibly extract and deliver the minerals that power the global clean energy future,” Mushinge added.
The Lunda Resources venture represents not only a major private-sector investment in Zambia’s mining industry but also a model for international cooperation to advance energy security, mineral independence, and sustainable economic development.