Terra Metals Inc., a U.S.-based developer of critical minerals, and Metalex Commodities, a global energy and resources investment firm, have finalized a $100 million agreement to establish Lunda Resources, a copper and cobalt production company in Zambia. The formal signing of the agreement is set to take place next month at the U.S. Embassy in Lusaka, signaling growing U.S.-Africa cooperation in critical minerals development and the global clean energy transition.

The deal reflects Washington’s increasing commitment to securing mineral supply chains crucial to clean energy technologies such as electric vehicles, battery storage and renewable energy infrastructure. The partnership supports the objectives of the U.S. Department of State’s Mineral Security Partnership (MSP) and positions Zambia as a central player in the international supply of high-demand resources.

Under the agreement, Mumena Mushinge, chairman of Terra Metals Inc., will also chair Lunda Resources. Ayo Sopitan, CEO of Metalex Commodities, has been appointed chief executive of the new entity. Brian Chisala, executive director at Terra, will join the leadership team, providing a strong foundation of transcontinental mining and investment expertise.

As part of the joint venture, construction is already underway on a 240-ton-per-hour copper and cobalt concentrator in Zambia. The facility, designed to process high-grade ores, is expected to be fully commissioned by September 2025. Once operational, the plant will supply strategic markets such as the United States using the Lobito Corridor, a rail route that connects Zambia to Atlantic Ocean ports, providing a direct path for mineral exports.

"This partnership is a leap forward for Zambia’s mining sector and a cornerstone of U.S.-Africa industrial alignment,” Mushinge said. “We are building the infrastructure, governance and funding mechanisms needed to extract and deliver the minerals that power the clean energy future."

Metalex Commodities has committed to raising $100 million in funding over the next nine months. The capital will be used for plant commissioning, logistics and export infrastructure, environmental and social governance (ESG) compliance and community development programs to ensure inclusive growth in the region.

In a related transaction, Terra Metals Inc. has signed a Share Purchase Agreement with Waskahigan Oil and Gas Corp. (WOGC), a Canadian-listed company. This deal provides Terra with direct access to North American public capital markets and invites institutional investment into Lunda Resources, expanding its financial reach and global visibility.

The upcoming signing at the U.S. Embassy underscores the strategic value of this venture and demonstrates the shared commitment between the United States and African partners to secure sustainable and responsible mineral development.