Sam Hosack

OVER the past few years Zambia has made it clear to global miners that the country is open for business, with a strong focus on developing its copper resources. ASX-listed Prospect Resources, led by its CEO Sam Hosack, quickly moved to position itself as a primary copper developer in the country.

The company acquired the Mumbezhi copper project in May 2024 and has since embarked on an aggressive exploration programme, drilling more than 18,000m and declaring a maiden mineral resource of 107Mt at a grade of 0.5%, equivalent to 500,000 tons of copper metal. The first mineral reserve estimate is imminent. Mumbezhi is located in the highly prospective north-west region of Zambia, home to the Sentinel and Kansanshi mines managed by First Quantum, with whom Hosack spent 12 years prior to joining Prospect and which has also invested 15% in the company.

Zambia has set a target of tripling national copper production from 800,000t/year to 3Mt/year by 2031, a goal Hosack says is backed by strong policy support for foreign direct investment. Hosack and Prospect Resources built their reputation by developing the Arcadia lithium project in Zimbabwe, which was sold in 2022 for a very lucrative $387m to China’s Zhejiang Huayou Cobalt Co. That almost doubled the return to shareholders on their initial investments. It has also provided Prospect with significant financial resources to develop Mumbezhi, which Hosack says will be well placed to benefit from a copper market “that is going to be tightly supplied for the next five to 15 years”.