Australian mining company Patriot Lithium has entered into an agreement with Newlight Nominees Zambia to acquire a 90% stake in the Kitumba Copper Large Scale Exploration License.
Spanning 255 km², the license is strategically located near Sinomine’s recently inaugurated Kitumba Copper Mine, a $600 million operation with a production capacity of 50,000 tons per annum.
As part of the agreement, Patriot paid a $25,000 signing fee and has 12 months to establish a special purpose vehicle (SPV) to finalize the acquisition. Upon establishing the SPV, Patriot will pay an additional $35,000 in cash and assume full financial responsibility for exploration and feasibility studies over the next four years.
The agreement also includes a milestone-based incentive: Newlight will receive an $8 million payment if exploration confirms a measured resource of 10 million tons at a grade of 2% copper, reflecting the project’s significant resource potential. This acquisition marks a notable step for Patriot in expanding its footprint in Zambia, underscoring the country’s appeal as a key player in Africa’s mining sector.
