RCS - Tertiary Minerals - Konkola West Copper Project, Zambia

Tertiary MineralsAnnouncement

06/09/2023 15:45

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RNS Number : 6137L  Tertiary Minerals PLC  06 September 2023

6 September 2023

 

Tertiary Minerals plc ("Tertiary" or "the Company")

 

KONKOLA WEST COPPER PROJECT, ZAMBIA

Tertiary Minerals plc wishes to highlight the statements made yesterday, 5
September 2023, by the Hon. Paul Kabuswe, M.P., Minister of Mines and Minerals
Development for Zambia and Mr. Pushpender Singla, Executive Director and Chief
Financial Officer of Vedanta Zinc International South Africa, regarding the
amicable settlement of disputes between ZCCM-IH Limited ("ZCCM") and Vedanta
Resources Limited ("Vedanta") relating to Konkola Copper Mines ("KCM").

KCM was the operator of the suspended Konkola Copper Mine on mining leases
that adjoin the Company's Konkola West Copper Project. The Konkola West Copper
Project is projected to host the down dip extensions of the ore mined at the
Konkola and Lubambe Copper Mines.

The resolution of disputes will see Vedanta return as majority shareholder and
the intention to resume copper production at Konkola. As part of the dispute
resolution Vedanta has committed to invest $1 billion in KCM development and
$250 million to all local creditors. A $20 million annual payment has also
been pledged towards corporate social responsibility by investment into the
local community.

Commenting today, Executive Chairman Patrick Cheetham said:

"I am delighted to hear of the upcoming resumption of mining operations at
Konkola Copper Mines where production stalled during the lengthy legal
disputes. Vedanta's commitment to invest $1 billion dollars in the mining
operation adjacent to our Konkola West Project and the deep drilling at the
nearby Mingomba deposit by KoBold Metals highlights that we really are working
in elephant country. It is an exciting time to be exploring for copper in
Zambia."

Further details of the Company's Konkola West Copper Project can be found in a
dedicated presentation available on the Company's website at:

https://www.tertiaryminerals.com/presentations
(https://www.tertiaryminerals.com/presentations)

Contacts:

 Tertiary Minerals plc:
 Patrick Cheetham, Executive Chairman      +44 (0) 1625 838 679
 SP Angel Corporate Finance LLP

 Nominated Adviser and Broker
 Richard Morrison                          +44 (0) 203 470 0470
 Harry Davies-Ball
 Peterhouse Capital Limited

 Joint Broker
 Lucy Williams        + 44 (0) 207 469 0930
 Duncan Vasey

 

 

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