Prospect Resources (ASX:PSC) was granted two large-scale mining licenses (LML) for its Mumbezhi copper project in north-west Zambia, providing 25 years of tenure security, renewable for successive 25-year periods, according to a Monday filing with the Australian bourse.
The licenses enable full-scale mining, processing, and export of copper, and enhance Prospect's ability to secure financing, develop the project, and pursue strategic partnerships, the filing said.
The company plans additional drilling at the project in the second quarter to expand resources and move toward large-scale operations, the filing added.
The licenses also qualify Prospect for Zambia's favorable mining tax regime and investment incentives under the Zambia Development Agency framework, the company said.
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