Tertiary Minerals plc has completed all conditions precedent for its Zambia copper joint venture agreement and taken majority ownership of the new company Copernicus Minerals Ltd.
STRUCTURE
The February 2024 agreement with local partner Mwashia Resources Ltd covers the Jacks, Mukai and Mushima North exploration licences.
Mwashia will own 10% of Copernicus while Tertiary’s 96% owned subsidiary, Tertiary Minerals (Zambia) Ltd (TMZ) will own 90%.
The transfer of licences to Copernicus is under process with ministerial consent, and the Zambian revenue authority has issued the tax clearance certificates.
Tertiary said that TMZ and Mwashia would now enter the shareholders’ agreement for the management of Copernicus, which includes a TMZ-appointed chief executive.
“The JVA and formation of Copernicus simplifies our corporate structure in Zambia and brings forward TMZ’s 90% ownership holding in all three of the licences,” added executive chairman Patrick Cheetham.
“It also creates a vehicle by which the partners will consider joint venture approaches made by third parties.”
Drilling meanwhile continues at the company’s Konkola West joint venture with Kobold Metals and Mwashia.