Red Planets has an interest in a number of highly potential lucrative projects in Zambia and Zimbabwe.
This was initially an ore beneficiation undertaking. Oxide copper ore will be processed for sale as concentrate.
The Project will be run by way of a partnership through a Special Purpose Vehicle where Red Planet Resources holds an 80% stake and its partners retain the remaining 20%.
This is an ongoing venture where mining and sale of lumpy copper ore were taking place before the conception of the agreement, and the project needed to be scaled up. An already exposed resource was visible on the hill from where mining work was taking place.
The Nkomba Copper Project is located 60km southwest of Lusaka in the Nampundwe area, Sibiyunji District of Zambia.
The area is accessed through the Lusaka-Mumbwa road. This is an all-weather tarred national road. 40km of travel is on this road and thereafter access will be by 20km of an all-weather gravel road that goes to Nampundwe Township.
The agreement was signed in September 2021 paving the way for the registration of the SPV called Elevate Mining Limited. The SPV will be used to run the project in the mineral beneficiation endeavor.
Instead of selling raw copper ore, the project will process the ore and upgrade it to concentrate in the region of 20-25% copper which will then be sold to local or international off-takers.Download Project plan