Australian Castillo Copper Limited is starting 5 new copper projects in Zambia following its desire to raise its profile in the red metal, which by many accounts is tipped to go for a run very soon.
These projects are going to cover more than 1,000 square km in Zambia, which, according to Castillo, advances its “three-pillared” strategic plan to transfer the company into a mid-tier copper miner.
The company receives the assets from Zed, a minerals explorer that Castillo is obtaining in full.
The Luanshya project is the first to be developed and it’s located in Zambia’s Copperbelt province along with an important north-west structural trend known as the Lufilian Arc.
The second project, the Mkushi project, which luckily surrounds an operating open-pit copper mine, is located in a region proven to be highly prospective for copper and gold mineralisation.
According to Castillo, the development operations on the remaining sites will start “in due course” but the previous artisanal mining works at the Lusemfwa project indicate outcropping copper mineralisation already.
Zambia is one of the safest countries for mining on the African continent. It has the lowest risk level on the Australian government’s Smart Traveller website, although the government recommends reconsidering plans to travel to border areas with the Democratic Republic of Congo, Angola and Mozambique.
Copper is an important strategic mineral to Zambia given its contribution to exports, GDP and employment.
Rob Scott, the Castillo chairman, stated that the Zambian assets complemented the company’s current Cangai copper mine and Mt Oxide project.
“The board is delighted with the proposed acquisition of a highly prospective tenement package in Zambia. All the key ingredients are now in place to move forward with the board’s three pillared strategic intent to transform CCZ into a dual-listed, mid-tier copper group,” he said.