British Firm to invest $100 m in two new mines in Zambia

British Firm to invest $100 m in two new mines in Zambia

MOXICO Resource plc, a British firm, intends to invest over US$100 million in two mining projects on the Copperbelt and North Western provinces.

The company has so far this year invested US$40 million on the projects.

The two projects namely Mimbula and Kanengwa are in Chingola and Mufumbwe respectively.

Moxico Resource plc chief executive, Alan Davies, said copper production was expected to start next year.

Mr Davies said the mine would be producing 15,000 tonnes of copper annually during its first phase then move 40, 000 yearly in the second phase of production.

He said the company would kick-start operations for its Mimbula project this month while Kanengwa would be on course later in the year.

“We are ready to go. We are ready to employ. We are investing US$40 million over the course of the rest of the year.

“We have the second phase that we intend to spend more than US$100 million which will give a workforce of more than 1 000 people in construction,” Mr Davies said in an interview in Lusaka.

Mr Davies said the company was focusing on working with local contractors while creating partnerships with communities.

Moxico Resource plc currently holds a large scale mining licence. “We promise to pay on time. We want to make sure we give communities an opportunity to monetise their stock piles that they have been given to them by Government , instead of selling them at a cheap price, we do a joint venture with them and monetise them for fair price,” Mr Davies said. He said the company was looking at positive steps investing in Zambia while expecting Governments support by creating a conducive business environment.

The company, he said had advanced discussions with ZCCM-IH to invest both equity and debt into the project. “We want to reinvest in Zambia, develop skill workers across our operations and make sure that local contractors thrive,” Mr Davies said.

Mr Davies also pledged to pay all taxes due in Zambia and ensure it adhered to the law. He emphasised that Moxico would be transparent saying “the most important is for Government to make sure that the mining industry moves forward.”

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