Tertiary Minerals to fast-track the Mushima North

Tertiary Minerals has announced plans to accelerate development of the Mushima North silver-copper project in Zambia, signalling renewed investor confidence in the southern African nation's mining sector. The acceleration comes as global silver prices remain elevated and base metal demand strengthens across emerging markets, creating a favourable window for project advancement.

## What is the Mushima North Project?

Mushima North represents a significant greenfield exploration asset located in Zambia's prolific Copper Belt region, one of Africa's richest mineral zones. The project targets primary silver and copper mineralisation, with exploration data indicating multi-million-tonne ore body potential. Tertiary Minerals' decision to fast-track development reflects successful drilling campaigns and improved geological confidence in the resource base. The accelerated timeline suggests the company has met key technical and financial milestones needed to justify capital deployment.

## Why is Tertiary Minerals Accelerating Development Now?

Several macro factors are converging to justify project acceleration. First, silver prices have climbed above USD 30/oz in 2024, driven by industrial demand (solar panels, electronics, medical devices) and investment demand from both retail and institutional buyers. Second, Zambia's government has signalled commitment to mining sector reforms, including tax predictability and streamlined permitting—critical for investor confidence following previous policy uncertainty. Third, copper fundamentals remain tight, with global supply deficits forecast through 2026 as energy transition demand (EV batteries, renewable infrastructure) outpaces new supply growth.

Tertiary Minerals' move also reflects a broader recovery in African mining investment. After 2020–2022 headwinds from inflation, energy costs, and geopolitical risk, junior and mid-tier explorers are re-evaluating African assets with renewed discipline. Mushima North's location in Zambia—already home to major producers like First Quantum Minerals and Konkola Copper Mines—offers infrastructure advantages, existing supply chains, and skilled labour pools that reduce execution risk.

## Market Implications for African Investors

The acceleration carries three key implications. **First, commodity exposure**: Investors seeking direct silver and copper upside may gain entry through Tertiary Minerals' equity or project-level instruments as development progresses. **Second, sectoral spillover**: accelerated mining projects typically contract local suppliers, engineers, and service providers—creating opportunity in supporting industries. **Third, currency and fiscal dynamics**: Zambia's mining sector generates significant foreign exchange and government revenue; a major new project adds stability to the kwacha and government finances, benefiting broader equity and bond markets.

For African diaspora investors, the Mushima North acceleration reinforces a strategic thesis: African mineral wealth remains underdeployed relative to global transition demand. Unlike mature mining jurisdictions (Canada, Australia), Zambia and the broader continent still offer early-stage exposure to long-cycle, high-margin projects.

However, execution risk remains real. Junior explorer track records are mixed, and Zambian projects have faced delays due to power supply, permitting, and financing constraints. Tertiary Minerals must secure funding for the development phase, obtain environmental and social approvals, and navigate commodity price volatility.

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