Canada-based First Quantum Minerals (FQM) has exercised its option over the remaining two licences in the Central Africa Copperbelt from an object agreement with London-listed African Pioneer’s 80%-owned subsidiary African Pioneer Zambia.
The option agreement was first announced on January 22.
The parties to the option agreement have signed an addendum dated February 15 that confirms FQM’s delivery of a notice to exercise its option over the two licences subject to the option agreement, which had not previously been exercised.
FQM has now delivered a notice to exercise its option over exploration licences 27770-HQ-LEL and 27768-HQ-LEL.
As announced on October 26, 2023, its option over licences 27767-HQ -LEL and 27771-HQ-LEL had already been exercised.
Moreover, the parties agreed that the first earn-in period, during which FQM has to prepare a technical report demonstrating an indicated mineral resource of at least 300 000 t of contained copper for FQM to earn a 51% shareholding in African Pioneer Zambia, has been extended to February 28, 2026.
FQM has defined the key structural architecture that determines the boundary between the Western Foreland and the Central Fold and thrust Terrain in the area of African Pioneer’s licences under the option agreement.
Work completed by FQM during the initial period of the option agreement includes mapping, soil sampling, ground geophysics, air core drilling and diamond drilling in excess of the minimum qualifying expenditure of $500 000 on each of the four exercised licences.
FQM has not yet earned a shareholding in African Pioneer Zambia.
“The initial period under the option agreement has been extremely successful for both FQM and African Pioneer with the Western Foreland and Kamoa-style mineralising environment being established as well as near-surface mineralisation in the fold- and thrust domain further to the east on some of our licences.
“We look forward to our future involvement with FQM, with the knowledge that they will approach the exploration with enthusiasm and their typical technical wisdom,” says executive chairperson Colin Bird.