In a landmark move that underscores the shifting global dynamics of critical mineral supply chains, Terra Metals Inc., a U.S.-based developer of strategic mineral resources, and Metalex Commodities, a multinational energy and resources firm, have finalized terms to jointly establish Lunda Resources—an ambitious copper and cobalt venture rooted in Zambia’s mineral-rich Copperbelt.

The partnership, anchored by a $100 million financing package, signals a deepening of U.S.-Africa industrial collaboration at a time when securing clean energy supply chains has become a global imperative. The official agreement is set to be signed at the U.S. Embassy in Lusaka next month, a move widely viewed as symbolic of Washington’s endorsement of the deal and its alignment with national strategic goals.

Lunda Resources will begin operations with the construction of a 240-ton-per-hour copper and cobalt concentrator, which is on track for commissioning by September 2025. The plant will process high-grade ores to serve North American and global markets, leveraging Zambia’s position along the Lobito Railway Corridor—a vital infrastructure artery that connects the interior to Atlantic export ports.

At the helm of the newly formed entity is Mumena Mushinge, also Chairman of Terra Metals Inc., joined by Ayo Sopitan, CEO of Metalex Commodities, who assumes the role of Chief Executive Officer. Brian Chisala, Terra’s Executive Director, rounds out the senior leadership, bringing a cross-continental perspective to a project that aspires to be both globally competitive and locally transformative.

The initial $100 million in funding—raised by Metalex over the coming nine months—will be allocated across critical operational and social priorities. These include finalizing the concentrator's commissioning, developing logistics and export infrastructure, and implementing community inclusion and ESG compliance programs aimed at sustainable and equitable growth.

In a parallel move to broaden its capital base, Terra Metals has executed a Share Purchase Agreement with Waskahigan Oil and Gas Corp. (WOGC), a publicly traded Canadian firm. The deal gives Terra Metals a foothold in North American capital markets and sets the stage for institutional investor participation in Lunda’s long-term growth.

The upcoming signing ceremony at the U.S. Embassy is more than a formality—it reflects Washington's broader Mineral Security Partnership (MSP) initiative, which seeks to secure sustainable supplies of critical materials essential for electric vehicles, renewable energy systems, and advanced energy storage. As such, Lunda Resources emerges not just as a commercial enterprise but as a strategic asset in the evolving geopolitics of energy transition.

With operations underway and support from both public and private sectors, the Lunda Resources venture represents a meaningful shift in how mineral-rich developing countries like Zambia engage with the global economy—not simply as suppliers of raw materials, but as partners in building a cleaner, more secure energy future.