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(Alliance News) - Tertiary Minerals PLC said Tuesday that it is forming a Zambian subsidiary to target copper exploration and development opportunities in the country.
The AIM-listed mineral exploration and development company will form Luangwa Minerals Ltd in a bid to expand its African copper interests.
Marcel Nally is expected to be appointed Luangwa's exploration manager in due course and will hold 3% of the subsidiary. Tertiary Minerals will retain Shangwa Chime as Luangwa's government liaison officer, and he will hold 1% of the unit. Tertiary will own the remaining 96% of Luangwa.
"Copper is increasingly a focus for the company and with Zambia one of the world's top ten copper producing countries, producing nearly 900,000 tonnes of copper in 2020, we expect Luangwa to be a valuable addition to the Tertiary asset portfolio," says Executive Chair Patrick Cheetham.
Tertiary Minerals shares were trading 7.1% higher in London on Tuesday at 0.35 pence each.
By Will Paige; willpaige@alliancenews.com
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