UK-based mining company Xtract Resources and Oval Mining, in collaboration with mining consultant Cooperlemon Consultancy, have unveiled a joint venture to acquire a potential 70 percent stake in Zambia’s Silverking copper mine and its exploration license. Xtract has committed to investing $500,000 in exploration activities within 18 months to secure a 51 percent stake in the mine's exploration license. This investment will support general exploration activities and expand a previously drilled pipe. The mine, previously explored by Glencore, is estimated to hold 268,971 tons of copper and is strategically located near the Kitoumba deposits.
Xtract holds the option to further invest $1 million to increase its ownership stake in the license to 71 percent if the joint venture uncovers deposits exceeding 300,000 tons. Additionally, an option to invest an additional $1 million is available if deposits surpass this threshold. In the event that copper resources fall short of 300,000 tons, Xtract has committed to funding the development of a small mining project. This agreement aligns with Xtract’s strategic mission of acquiring exploration resources with significant copper potential in proximity to existing or potential mines.