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Trident Royalties hails expansion plans at Mimbula copper mine

Operator Moxico has just raised US$73,m to develop the site

Trident Royalties PLC -

Trident Royalties PLC (LON:TRR) noted the completion of a US$73mln equity finance round by Moxico Resources, the operator of the Mimbula copper project in Zambia.

Trident acquired a gross revenue royalty over Mimbula in June last year at a gross rate of 1.25% that decreases to 0.3% after payments of US$5mln. 

Moxico will use the funding proceeds to fast track the development of a standalone processing operation to increase production to 30,000 tonnes a year.

Mimbula has JORC (2012) compliant Measured and Indicated Resources of 668,000 tonnes of contained copper with an additional 130,000 tonnes of inferred resources.

To date, Trident said it had received US$453,707 in royalty payments.

Adam Davidson, chief executive, added: “The financing conducted by Moxico to materially expand copper production at the Mimbula copper mine underscores the value of acquiring royalties over quality assets being advanced by experienced management teams.

“The Mimbula Copper Royalty provides Trident's investors with long-life copper exposure - a key base and battery metal - from an operating asset with further upside potential located in a prolific copper district."

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Price: 34 GBX

Market Cap: £63.47 m

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