CHARLOTTE, N.C. and LUSAKA, Zambia, May 28, 2025 (GLOBE NEWSWIRE) — Terra Metals Inc., a U.S.-based critical minerals development company, and Metalex Commodities, a global energy and resources investment firm, have concluded final negotiations to establish Lunda Resources, a new copper and cobalt production powerhouse in Zambia. The agreement, which includes a $100 million initial funding commitment, will be signed next month at the U.S. Embassy in Lusaka, underscoring the strategic alignment with U.S. government priorities on critical mineral security.
The signing will highlight the strengthening U.S.-Africa cooperation in the clean energy transition and will serve as a major diplomatic and commercial milestone for the region’s mining sector.
Leadership and Strategic Vision
Under the agreement, Mumena Mushinge, Chairman of Terra Metals Inc., will serve as Chairman of Lunda Resources, with Ayo Sopitan, CEO of Metalex Commodities, appointed as Chief Executive Officer. Terra’s Executive Director Brian Chisala also joins the leadership team, reinforcing the cross-continental expertise of the venture.
Project Milestone: 240 TPH Concentrator
Construction is already underway on a 240-ton-per-hour copper and cobalt concentrator in Zambia. Targeted for commissioning in September 2025, the facility will process high-grade ores to supply strategic end-markets, including the United States, through the Lobito Railway Corridor, offering a direct logistics route to Atlantic ports.
“This partnership is a leap forward for Zambia’s mining sector and a cornerstone of U.S.-Africa industrial alignment,” said Mumena Mushinge, Chairman of Terra Metals Inc. and Lunda Resources. “We’re building the infrastructure, governance, and funding mechanisms to responsibly extract and deliver the minerals that power the global clean energy future.”
Stage One Financing: $100 Million Committed
Metalex Commodities has pledged to raise $100 million over the next nine months, which will be directed toward:
Final plant commissioning
Logistics and export infrastructure
Community inclusion programs and ESG compliance
Terra Metals Inc. Expands Capital Access via WOGC
In a parallel development, Terra Metals Inc. also signed a Share Purchase Agreement with Waskahigan Oil and Gas Corp. (WOGC), a Canadian-listed company. This transaction gives Terra direct access to public capital markets in North America and opens the door for institutional investors to participate in the Lunda Resources growth story.
U.S. Government Support and Global Strategic Relevance
The decision to hold the official signing ceremony at the U.S. Embassy in Lusaka reflects Washington’s growing focus on supply chain security for critical minerals, particularly those essential to electric vehicles, renewable energy, and energy storage systems. This project complements the U.S. Department of State’s Mineral Security Partnership (MSP) goals and positions Zambia as a pivotal player in global mineral flows.
Media Assets and Press Kit
High-resolution images and video clips from the construction site, leadership meetings, and plant equipment have been released as part of the Lunda Resources press kit, available on request or via Terra Metals’ media center.
ABOUT TERRA METALS INC.
Terra Metals Inc. is a Delaware-based mineral development company focused on securing high-impact, ESG-compliant critical mineral assets across Africa for delivery to U.S. and allied markets.
ABOUT METALEX COMMODITIES
Metalex Is a US based mining and metal commodity trading company with operations in Nigeria and Zambia, active in zinc, lithium, manganese, copper and cobalt.
MEDIA CONTACTS:
Terra Metals Inc.
Email: IR@terrametalsinc.com
Phone: +1 (980) 349-3883
Website: www.terrametalsinc.com
Brian Chisala (Left) – Mumena Mushinge (Middle) – Ayo Sopitan (Right)
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ac630587-7b35-432f-b835-38cc32236531
A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a39fd591-75cc-418d-8d69-f8bb2dcc02be
