THE AIM-listed mineral exploration and development company Tertiary Minerals PLC says it is forming a Zambian subsidiary to target copper exploration and development opportunities in the country.
Company Executive Chair Patrick Cheetham said the company will form Luangwa Minerals Ltd in a bid to expand its African copper interests.
Marcel Nally is expected to be appointed Luangwa’s Exploration manager in due course and will hold 3 percent of the subsidiary.
Tertiary Minerals will retain Shangwa Chime as Luangwa’s government liaison officer, and he will hold 1 percent of the unit.
Tertiary will own the remaining 96 percent of the Zambian subsidiary
“Copper is increasingly a focus for the company and with Zambia one of the world’s top ten 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,” says Mr Cheetham.