Statunga Investments Secures Additional Mining License for Luansobe Copper Project in Zambia
Zambian mining company Statunga Investments Limited has acquired a new small-scale mining license (No. 34545-HQ-SML) for the Luansobe Copper Project. This ten-year license allows the company to explore and extract copper and other base and precious metals across a 384-hectare area.
“We now have a second mining license for Luansobe, covering the underground resource area,” said Colin Bird, Chairman of Galileo Resources.
This license aligns with Galileo Resources’ development strategy for Luansobe, enabling both open-pit and underground resource expansion. The company is also conducting additional drilling to assess deeper copper reserves.
Galileo Resources estimates that the underground resource at Luansobe contains approximately 6.3 million tons with a copper grade of 1.5%. Historical drilling data indicates potential copper deposits between three to seven million tons at depths ranging from 100 to 300 meters.
Under an acquisition agreement established in March 2022, Statunga Investments holds a 25% interest in the Luansobe Copper Project.
