Britain’s Moxico Resources plans to invest $100 million to expand its majority-owned Mimbula copper mine in Zambia, UK Minister for Africa Vicky Ford said on Wednesday.
The investment will create new jobs and increased tax revenues for Zambia’s government, Ford said in a statement released by the British High Commission in Zambia while she was on a visit to the country.
Ford was visiting Zambia to launch a new investment model, which she said marked a key moment for Britain’s financing of private sector growth and infrastructure across Africa.
“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,” Ford said.
The Mimbula Copper Project is located in Zambia’s copper belt on the outskirts of Chingola town, more than 400 km north-west of Lusaka.
The copper-rich deposit is located on a large-scale mining licence held by Moxico Resources through its Zambian subsidiary, Mimbula Minerals Ltd.
Moxico holds an 85% ownership in the licence holding company and 15% is held by Moxico’s Zambian partners. The mining licence was granted in May 2017, with a validity for 25 years.
(By Chris Mfula; Editing by Mark Potter)