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BRITISH FIRM TO INVEST USD $160 MILLION IN COPPERBELT MINING PROJECT

A British firm, Moxico Resources, says it will invest USD $160 million for the development of a large scale Mimbula Mine project on the Copperbelt Province.

Mimbula is a former Zambia  Consolidated Copper Mine (ZCCM-IH) projected situated in Chingola District.

Moxico Resources Limited Chief Executive Officer (CEO) Alan Davies says construction of the copper mine project is expected to commence once discussions with the liquidator of the Konkola Coper Mine (KCM) is concluded.

“We are into discussion with the liquidator for Konkola Copper Mine (KCM) as soon as the discussions are resolved we are ready to finalise the environmental approval to start construction of our first phase,” said Davies.

He said the mine will have a production capacity of 15,000 tonnes of copper annually during the first phase and was expected to increase to 40,000 tonnes in  the second phase.

Davies explained that the company will invest about USD $40 million into the project  and was expected to create between 600 and 800 direct and more than 1,000 indirect jobs under the first phase.

He said the second phase would take up production capacity to 40,000 tonnes of copper annually with an estimated investment of USD $120 million.

Davies said the mining firm was looking forward to increasing the number of permanent jobs to 1,000 in the second phase.

He added that his company will also invest in the agriculture sector on a joint venture arrangement with the community.


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Mimbula Mine Project kcm COPPERBELT PROVINCE