Ecora Resources Secures $50 Million Streaming Deal with Zambian Copper Mine

Ecora Resources has entered into a $50 million streaming agreement with Moxico Resources for the Mimbula copper mine in Zambia. The funds will facilitate a mine expansion that aims to increase production significantly by mid-2026. This deal enhances Ecora’s copper portfolio and reflects confidence in the quality of the Mimbula ore body.

Ecora Resources, a company based in the United Kingdom, has announced a substantial $50 million copper streaming agreement with Moxico Resources concerning the Mimbula copper mine in Zambia. This financial agreement aims to facilitate the Phase II expansion of the mine, with plans to elevate annual copper production from 14,000 tons in 2024 to an impressive 56,000 tons by mid-2026.

Marc Bishop Lafleche, the Chief Executive Officer of Ecora Resources, expressed confidence in the investment, stating that Mimbula possesses all the desirable attributes for such ventures, including a high-quality ore body and low operational costs. He further remarked that this agreement will enhance Ecora’s copper portfolio in the short, medium, and long term.

The Mimbula mine is projected to have an operational lifespan of approximately 11 years, with estimated reserves totaling 76.4 million tons of copper ore. This development underscores Ecora’s strategic focus on expanding its resource portfolio amidst the growing demands of the copper market.

In conclusion, Ecora Resources has made a significant investment in the Zambian copper mining industry through a $50 million deal with Moxico Resources. This agreement is set to bolster production capacity at the Mimbula mine, ensuring a robust copper supply for the future. With a favorable ore body and low operational costs, Mimbula presents a promising opportunity within Ecora’s portfolio. The investment aligns with Ecora’s long-term growth strategy, securing a valuable resource for the coming years.

Original Source: energycapitalpower.com