UK-based mining company Moxico Resources is planning to expand its majority-owned Mimbula copper mine in Zambia with a $100m investment, reported Reuters citing UK Minister for Africa Vicky Ford.
Ford, in a statement released by the British High Commission in Zambia during her visit to the country, said that the investment in the mine would create new jobs while increasing tax revenues for the Zambian Government.
Ford added: “We are committed to supporting countries grow their own economies, bolster private sector investment and trade, and deliver the returns that will support wider socio-economic development.”
The Mimbula Copper Project is copper-rich oxide and sulphide deposit. It is situated in the Zambian Copperbelt on the outskirts of the town of Chingola.
The deposit is situated on a large-scale mining licence, (21816-HQ-LML), which is held by Mimbula Minerals, a Zambian unit of Moxico Resources.
Moxico Resources owns an 85% stake in the licence holding company while the remainder is held by Moxico’s Zambian partners. The mining licence, which was granted in May 2017, is valid for a 25-year period.
This mine has an estimated JORC Resource of 93.7 million tonnes at a copper grade of 0.97%.
The project produced the first copper cathode from the processing of surface material at the KCM tailings leach plant (TLP) in 2020.
Last year, Zambian firm Siege Mining purchased the Star zinc project from UK-based Galileo Resources. It also acquired exploration data in relation to the project.
In March 2021, Galileo also said that Siege Mining was in the process of securing licences needed to start mining activities within the project area.