CoTec Holdings has signed a term sheet with US-based Copper Intelligence and third-party investment entities linked to the company’s CEO, Julian Treger, and chairman, Lucio Genovese, to create a copper tailings joint venture (JV).

Negotiated on an arm's length basis, the term sheet is non-binding.

The early stage exploration JV will focus on processing historical copper tailings in the Democratic Republic of Congo (DRC).

Once established, it will outline a strategy for exploring tailings opportunities in the historic mining districts.

Each identified opportunity will undergo rigorous legal and technical due diligence, with binding agreements negotiated individually.

Decisions on resource allocation will require approval from CoTec's independent board members.

CoTec plans to use its technology to maximise the economic potential of these tailings sites and old copper deposits.

The JV aims to secure funding from the US International Development Finance Corporation when a sufficient scale is reached.

Copper tailings play a significant role in the DRC's extensive mining history, notably in the Central African Copperbelt.

The JV's detailed structure, terms and conditions will be outlined in definitive agreements that are scheduled for completion by the third quarter of 2026, or earlier, contingent on the target acquisition progress.

Treger said: “The DRC has an incredibly rich copper history and the potential for historical copper tailings opportunities could be significant. Copper Intelligence has a wealth of experience in operating in Africa and this partnership will support CoTec as it navigates its execution strategy for potential asset opportunities in the DRC.

“The company continues to progress its strategy to target asset acquisitions with its technology suite; these technologies could provide alternative processing solutions to the historical tailing deposits of the DRC and will be tested through the due diligence process.”