Privately owned African Minerals will enter discussions with state-owned Zambia Consolidated Copper Mines (ZCCM) regarding the acquisition of a majority position in the Konkola North property.
Konkola North is only one of numerous, undeveloped copper deposits in ZCCM’s extensive holdings in the Zambian copper belt.
Joseph Kajszo, president of African Minerals, describes Konkola North as “a large deposit with huge potential.” He estimates the global resource potential of the sediment-hosted, underground deposit at half a billion tonnes grading in the range of 2-3.5% copper, plus cobalt credits.
African Minerals is seeking to earn a majority interest in return for minimum expenditures of US$20 million towards completion of a feasibility study.
African Minerals already has significant holdings in grassroots projects in South Africa and Zambia.
The acquisition of a significant property asset such as Konkola North would enable the company to seek a listing on the Toronto Stock Exchange as early as this summer.
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