Ore stockpile at Mimbula. Credit: Moxico Resources
Critical minerals royalty company Ecora Resources (LSE, TSX: ECOR) said on Thursday it has signed a $50 million streaming deal on Moxico Resources’ flagship Mimbula copper mine in Zambia.
The all-cash agreement will cover the entire 11-year life of mine at Mimbula based on its existing reserves, with the potential for extension.
“The acquisition will cement copper at the core of our commodity exposure and be immediately accretive to earnings and free cash flow,” stated Marc Bishop Lafleche, CEO of Ecora, in a news release. The group holds over 20 royalty and streaming assets providing exposure to critical minerals including copper, cobalt and nickel.
High-margin operation
The Mimbula project — located in the Zambian Copperbelt Province, about 10 km southeast of the town of Chingola — achieved first production in late 2022.
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