FOR IMMEDIATE RELEASE
SEPTEMBER 18, 2024
HOME-GROWN MIMOSA RESOURCES GEARS UP KASHIME COPPER MINE WITH US$3M INVESTMENT
LUSAKA, ZAMBIA – Zambian mining company Mimosa Resources has attracted US$3 million of investment for its Kashime copper mine project near Mkushi.
Final feasibility studies and preparatory development is now underway at the mine in Central Province.
The initial investment has been funded by Australian Stock Exchange-listed Zeta Resources, a resources-focused investment company.
Mimosa’s mission is to build a Zambian mining champion delivering value to stakeholders while supporting the development of local mining skills, business opportunities and community projects. It already has an earn-in arrangement on the Kashime mining licence through its previously announced Kashime Development Agreement with First Quantum Minerals (FQM).
Mimosa Executive Chairman Jordan Soko said: “Zeta’s initial US$3 million investment in Mimosa demonstrates its confidence in the project, the company, and its local expertise.”
“Zeta has followed Mimosa’s progress for a while, and this is its first investment in Zambia. The development of the Kashime mine and processing complex will have wider developmental benefits for the communities around the mine, Mkushi town and the country as it contributes to the national aspiration of 3 million tonnes of copper production per year in the medium term.”
Mimosa also seeks to be a catalyst for the development of other Zambian-owned mining opportunities through commercial arrangements that leverage Mimosa’s capabilities, partnerships, and investor base, either on a standalone basis or as a link into Mimosa’s mining value chain.
“We hope to be able to announce further progress in this regard in the near future,” added Mr Soko.
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About Mimosa Resources Limited
Mimosa Resources is a dynamic mining and metals development company founded by a group of Zambian mining and business professionals with extensive local and international experience in the sector. The company’s ethos is to build a team of Zambian professionals who are world-class at project identification, financing, development and operations.
This is part of a larger vision that anticipates more projects becoming available for joint ventures or acquisition within Zambia, particularly with other Zambian-owned mining entities.
About Zeta Resources Limited
Zeta Resources Limited is a resource-focused investment holding and development company listed on the Australian Securities Exchange (ASX). Zeta invests in listed and unlisted companies, with both minority and controlling shareholdings.
Zeta is managed by ICM Limited, a Bermuda-based global fund manager and corporate finance adviser that directly manages approximately US$1.9 billion in funds.
ICM is a long-term investor with a deep understanding of the business fundamentals of each investment, its environment and its economic value.
The company invests in a range of resource entities, including those in exploration, development and production of bauxite, gold, copper, nickel and graphite.
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