Prospect Resources (ASX:PSC) has increased its ownership of the Zambia-based Mumbezhi Copper Project through a US$4.25 million pickup of a further 5%, bringing the company well and truly to majority ownership status.
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Disclaimer: This content has been prepared as part of a partnership with Prospect Resources Ltd and is intended for informational purposes only.
This comes ahead of planned Phase III drilling kicking off in Q2 CY26; the MCP straddles the Central African Copperbelt in northwest Zambia and within a region that hosts other copper-producing projects.
Zambia is referred to as ‘the copper capital of Africa,’ which was relayed to this finance journalist by the company’s Zambia country manager, Mwela Manda (that quote is from when HotCopper interviewed him last month.)
Prospect’s 90% ownership is contingent on Zambia’s tax authority clearing the deal; a waiver from minerals regulators and an updated shareholder agreement – dotting i’s and crossing t’s, really.
The company expects to finalise the deal next April.
“We are pleased to have moved to increase our interest in the world-class Mumbezhi Copper Project on attractive terms,” Prospect CEO Sam Hosack said.
“With field exploration activities already restarted, the team is gearing up for the restart of drilling activities following completion of the wet season.
“Our recent equity raising allows us to move forward with confidence on a planned aggressive 50,000m of resource and regional exploration focused drilling at Mumbezhi during 2026-27.”
PSC last traded at 39cps.
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