Tertiary Minerals plc announced it was forming a subsidiary, Luangwa Minerals Ltd, to target copper exploration and development opportunities in Zambia.
The company has retained geologist Marcel Nally who is expected to be appointed as Luangwa’s exploration manager.
Mr Nally was previously a director of private Zambian copper producer, Moxico Resources plc, where he identified and acquired its principal mining projects.
Tertiary has also retained Shangwa Chime as Luangwa’s government liaison officer.
The company will hold 96% of Luangwa, with 3% being held by Mr Nally and 1% held by Mr Chime.
“Given that the board has many years of experience with Zambian mining projects, we are excited to take this next step in the development of Tertiary’s mineral business,” said executive chairman Patrick Cheetham.
“Copper is increasingly a focus for the company and with Zambia one of the world’s top 10 copper producing countries, producing nearly 900,000 tonnes of copper in 2020, we expect Luangwa to be a valuable addition to the Tertiary asset portfolio.”
PROJECTS AND ROYALTIES
Tertiary has projects in Nevada, US: Pyramid (gold-silver); Paymaster (base and precious metals); Peg Leg (polymetallic); Mount Tobin (silver-gold); Lucky (copper); Brunton Pass (copper); Storuman in Sweden (fluorspar) and in Rosendal, Finland (tantalum).
It also has royalty interests in Kaaresselkä / Kiekerömaa (gold) and in Kalkinnen, Finland (platinum group metals).