A 200million MT ore body was recently discovered which the mine will tap into to propel Zambia closer to the 1-million MT annually;
The mine projects to boost annual production to between 100,000 – 150,000MT in 5 years time;
Australia’s EMR Capital owned Lubambe Copper Mine, has pledged a US$500million construction capital injection next year which will allow the underground operation access 7-million metric tons of red metal. This was revealed by Lumambe mine Chief Executive Officer – Nick Bowen when he paid a courtesy call visit on the Republican President His Excellency Mr. Edgar Lungu on 01 February. The mine recently discovered a 200million MT ore body which Bowen said will help Zambia achieve its 1-million MT target.
“That will be a project that will involve investment of US$500million in construction capital that will see the new mine produced 100-150million MT of copper annually for the next 30 years,” Bowen said.
For the first time in a long time, we have heard a developer so optimistic about investment. As for us we create a conducive environment and we will also tax you so that we can build schools and roads, we are partners in that regard, President Lungu said.
Lubambe operations will attract 1,000 jobs over the next 5- years after which the number is expected to double to 2,000 when the mine starts to produce 150,000 MT. Bowen also joins the list of mining CEOs that have committed to preservation of jobs despite the new mining tax regime. Lubambe expects to produce 16% higher to 36,000 MT if copper in 2019 compared to 22,000 in 2018.
Mines Minister Honorable Richard Musukwa will lead a high powered Zambian delegation to the Cape Town mining indaba next week to market Zambia as a favourable mining investment hotspot in Africa.
Lubambe mine is 80% owned by private equity firm EMR Capital and 20% owned by state owned investment vehicle ZCCM-IH.