Moxico Resources plc’s principal objective is to be an effective creator of value for its shareholders, other stakeholders and partners by establishing itself as one of the main copper producers in Zambia through the expansion of the Mimbula Copper Project and developing its portfolio of exploration assets, including the highly prospective Kalengwa copper project in the Republic of Zambia and the Khnaiguiyah zinc-copper project in the Kingdom of Saudi Arabia.
In December 2022, Moxico achieved first copper production from Phase 1 of the Mimbula Copper Project in Zambia consisting of a 10,000 tonnes per annum heap leach and solvent extraction and electrowinning (SX/EW) plant, with copper sales commencing in the first quarter of 2023. Phase 2 of the Mimbula Copper Project to expand the 10,000 tonne per annum operation to 56,000 tonnes per annum of copper cathode production through a 46,000 tonne per annum agitated leach and SX/EW circuit is in construction and production is expected to occur, as per the current timetable, in the first quarter of 2025. Work on Phase 3 of Mimbula, which is the construction of a cobalt processing plant to extract cobalt from the ore and the pregnant leach solution, is also underway. As part of the expansion of the Mimbula Copper Project, drilling continues to be undertaken to grow the reserve and resource base.
Simultaneous with the mining operations and expansion activities underway at the Mimbula Copper Project, Moxico continues with its exploration programmes with respect to its portfolio of prospecting assets in Zambia and Saudi Arabia, with very promising results warranting further work and investment.
In addition to the significant progress achieved in Zambia, 2022 was the year in which Moxico achieved diversification across geographical areas, with Moxico and its Saudi Arabian partner, Ajlan & Bros Holding Group, being the successful bidder for the Khnaiguiyah zinc-copper project in Saudi Arabia. In January 2023, the mineral rights to the Khnaiguiyah project were formally handed over by the Government of Saudi Arabia to Moxico and Ajlan who are very optimistic that the Khnaiguiyah zinc-copper project can generate high financial returns with a modest financial investment outlay.