Ecora Resources Secures $50 Million Deal with Zambian Copper Miner
Ecora Resources has finalized a $50 million streaming agreement with Moxico Resources for the Mimbula copper mine. The investment will assist in expanding the mine’s capability, raising annual output significantly within a few years. This agreement solidifies Ecora’s focus on high-quality copper resources and enhances its market position.
Ecora Resources, a UK-based firm, has secured a $50 million copper streaming agreement with Moxico Resources for the Mimbula copper mine in Zambia. The funds will support the Phase II expansion of the mine, which aims to boost annual output from 14,000 tons in 2024 to an impressive 56,000 tons by mid-2026. This strategic investment aligns with Ecora’s focus on quality resources and low operating costs.
According to Marc Bishop Lafleche, the CEO of Ecora Resources, “Mimbula has everything we look for in an investment; it is a high-quality ore body, with low operating costs,” indicating that this agreement will enhance Ecora’s copper portfolio in both the short and long term. The Mimbula mine is projected to have an 11-year operational lifespan with estimated reserves of 76.4 million tons.
In summary, Ecora Resources has made a significant move by entering a $50 million copper streaming agreement with Moxico Resources, facilitating the Mimbula mine’s expansion. This deal not only increases the mine’s production capacity but also reinforces Ecora’s strategic portfolio in the copper market, showcasing the potential for growth within this valuable sector.
Original Source: energycapitalpower.com