Chibesakunda&Co, a leading corporate and commercial law firm in Zambia, is pleased to have advised Prospect Resources Limited (Prospect Resources), an Australia Stock Exchange listed mining and exploration company, in relation to its acquisition of the Mombezhi Copper Project. Mombezhi is located between the world-renowned Sentinel Mine (operated by FQM) and Lumwana Mine (operated by Barrick Gold) in Zambia’s prized Copperbelt region. Chibesakunda&Co played a pivotal role in securing for Prospect Resources, binding agreements which culminated in Prospect Resources acquiring 85% interest in Mombezhi from the sellers, Global Development Corporation Limited.

The USD6.5 million transaction is Prospect Resources’ first major forray into the Zambian mining industry that presents a significant opportunity to explore and exploit a resource which, according to preliminary data, exhibits the potential to develop into a world-class, long-life, open-pit copper-cobalt mining and processing operation. Prospect Resources’ acquisition of the Mombezhi asset adds to the company’s existinmg portfolio of green energy minerals and further enhances Zambia’s potential to be a significant player in the global transistion to greener energy. The successful exploitation of the Mombezhi resource should further increase Zambia’s copper output in line with the Zambian Government’s objective to increase copper annual output to 3 Million MT by 2030.

The Chibesakunda&Co team was lead by Managing Partner, Mwelwa Chibesakunda who was supported by mining experts, Chansa Kayumba and Karen Mutale-Mumbi with M&A support from Mutale Kasonde.