Capital requires certainty. We target primary markets where world-class geological potential is matched by legislative clarity. From the African Copperbelt to the Arabian-Nubian Shield, our focus is on jurisdictions that are actively de-risking investment through modernized mining codes, transparent licensing, and stable fiscal frameworks.
Zambia remains a primary focus for copper exploration, with recent reforms signaling a shift toward stability.
Key Legislative Improvements:
Deductibility of mineral royalties from corporate income tax; commitment to transparency in mining licensing.
Major Production:
Kansanshi (First Quantum, ~135kt Cu); Lumwana (Barrick, ~260kt Cu).
Stable, phosphate-rich, with increasing activity in precious metals and cobalt.
Key Legislative Improvements:
Modernized frameworks to streamline permitting; incentives for greenfield exploration.
Major Production:
Imiter (Managem, ~240t Ag); Bou Azzer (Cobalt).
Extensive greenstone belts that remain largely untested.
Key Legislative Improvements:
Tax exemptions on exploration expenditures; flexible royalty structures.
Major Production:
Tasiast (Kinross, ~620koz Au); Guelb el Rhein (SNIM, Iron Ore).
Diversifying beyond hydrocarbons, focusing on copper and gold within the Semail Ophiolite Belt.
Key Legislative Improvements:
Mining Law (2019) streamlined licensing; competitive royalty rates.
Major Production:
Sohar Copper Project (Alara); Yanqul (Mazoon).
Vision 2030 has positioned mining as the "third pillar" of the economy.
Key Legislative Improvements:
New Mining Investment Law (2020); $500M Regional Geological Survey Program.
Major Production:
Mahd Ad Dhahab (Ma'aden); Jabal Sayid (Barrick/Ma'aden).
Significant gold producer with vast under-explored potential.
Key Legislative Improvements:
Efforts to formalize the artisanal sector.
Major Production:
Hassai (Ariab); Block 14 (Orca/Perseus).
Revitalizing the sector in the Arabian-Nubian Shield.
Key Legislative Improvements:
Shift to Tax, Rent, and Royalty model; capped royalties at 20%.
Major Production:
Sukari (Centamin, ~450koz Au).
High-reward jurisdiction focused on downstream processing.
Key Legislative Improvements:
2020 Mining Law Revision; mandates for domestic smelting.
Major Production:
Grasberg (Freeport-McMoRan); Tujuh Bukit (Merdeka).
Low frequency, high substance.
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