Zambia To Receive $100 Million Investment In Copper Mine From UK Firm

UK Minister for Africa, Vicky Ford, yesterday released plans to invest $100 million in the Mimbula copper mine in Zambia.

The investment comes after the Minister spent two days in the country preparing the launch of a new British investment model. Ford stated that the initiative was a pivotal moment for British financing in private sector investments to support Africa.

In a statement Ford said, "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."

During her visit, she held meetings with President Hakainde Hichilema after which he hailed the good bilateral relationship between the two countries.

The investments reflect another advancement of the New Dawn government in generating economic growth in the country through such initiatives.

In a statement released by the British High Commission in Zambia, Ford detailed how the investment will create new jobs and increase tax revenues in Zambia.

The Mimbula Copper Project is located in Zambia’s copper belt on the outskirts of Chingola town, 400km northwest of Lusaka.

The deposit is located on a large scale mining licence held by Moxico Resources through its Zambian subsidiary, Mimbula Minerals Ltd.

Moxico holds 85% ownership in the licence holding company, the other 15% is held by Moxico Zambian partners. The licence was granted in May 2017 with a validity of 25 years.  

This key investment comes after the Zambian government signed seven Memorandums of Understandings with the Rwandan government in another key step towards economic prosperity for the country.