Australian mining company Patriot Lithium has reached an agreement with Newlight Nominees Zambia to acquire a 90% stake in the Kitumba Copper Large Scale Exploration License.
The 255 km² license is strategically situated near Sinomine’s newly inaugurated $600 million Kitumba Copper Mine, which boasts an annual production capacity of 50,000 tons.
This proximity positions Patriot to capitalize on a region with established mining infrastructure and proven copper potential.
Patriot Lithium paid an initial $25,000 signing fee and has a 12-month window to establish a Special Purpose Vehicle (SPV) to complete the acquisition.
Once the SPV is formed, the company will make an additional $35,000 payment and commit to covering all exploration and feasibility study expenses over a four-year period.
The agreement includes a performance-based incentive: Newlight Nominees will receive an $8 million milestone payment if exploration confirms a measured resource of at least 10 million tons at a copper grade of 2%. This underscores the project’s promising potential as a significant copper resource.
This acquisition marks a pivotal step in Patriot Lithium’s expansion strategy and highlights Zambia’s growing prominence in Africa’s mining sector. Known for its vast copper reserves and mining-friendly policies, Zambia continues to attract international investment.
By securing a majority stake in the Kitumba license, Patriot Lithium strengthens its position in the region and reinforces its commitment to exploring and developing high-value copper assets.
