Mimbula, Zambia / Copper

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Mimbula, located in the Zambian Copperbelt Province, achieved first copper production from Phase 1 of the project in late 2022 and in 2024 produced 14,000 tonnes of copper at operating costs in the lowest half of global copper mines. A brownfield Phase II expansion is currently in construction, which will increase total copper cathode production capacity to achieve 56,000 tonnes per annum in mid-2026.

Stage

Producing

Commodity

Copper

Operator

Moxico Resources

Location

Zambia

Royalty rate and type
Stream varying from 1%-4.7% of copper production depending on production volumes

Balance sheet classification
Mineral Stream Interests (PP&E)

Key facts

56ktpa

Expected annual copper production when brownfield expansion is completed (c. mid-2026)

2035

Projected mine life to 2035 with scope for life of mine extension

Ecora owns a stream over copper production from the Mimbula mine. The stream entitlement varies depending on cumulative annual production levels. Ecora receives 4.7% of the first 15kt of annual copper production, 2.5% of copper production between 15ktpa and 30ktpa, and 1% of all copper produced over 30ktpa. Once Ecora has received 9.15 tonnes of copper, then the stream entitlement reduces to 1% for the life of mine.  Ecora will make ongoing payments to Moxico equal to 30% of the LME quarterly average copper price.

The Mimbula mine is one of the lowest cost producing copper mines globally. It is located in a recognised copper jurisdiction and is operated by a well regarded management team. The mine is in production with a brownfield expansion underway that will see production grow fourfold. The expansion is expected to be complete by mid-2026 at which point the mine should be producing 56ktpa of copper. The mine has an eleven year life of mine with potential for it to be extended. The stream provides Ecora with short and medium term income growth and increases exposure to copper.

  • The Company only acquired the Stream in February 2025 but the mine produced 14ktpa of copper in 2024 and commenced a brownfield expansion.
  • During 2025 copper production from Mimbula is expected to be approximately 15kt
  • Brownfield expansion is underway that will drive production up to 56ktpa from mid-2026