A US based mining firm, with its partners, has announced a 150 million United States dollars investment in mining exploration and development in the Mingomba deposit and support towards Lubambe Copper Mine in Chililabombwe town in the Copperbelt Province.
The mine has the potential to provide enough copper for more than 100 million electric vehicles.
Making the announcement on the sidelines of the US-Africa Leaders’ summit in Washington today, KoBold Metals President, JOSH GOLDMAN, said the 150 million dollars investment is its first major mineral exploration commitment it is making under President HAKAINDE HICHILEMA.
Mr. GOLDMAN said a number of factors had driven the mining firm to enter into a public private partnership -PPP- with ZCCM-IH and EMR Capital, the major shareholder in Lubambe Mines.
He said the investment will introduce highly skilled mining professionals and technology to Zambia for copper and cobalt exploration at Mingomba Resources.
Earlier, US Secretary of Commerce, GINA RAIMONDO, said this year’s summit will see the announcement of 14 deals worth 15 billion dollars, more than what was committed during the US-Africa Summit of 2014.
Ms. RAIMONDO expressed happiness that Zambia was able to benefit from this amount of investment.
She said the US government remained committed to supporting the country’s development efforts.
And President HICHILEMA reiterated his administration’s commitment to develop the country through promotion of investments such as the one the country has clinched at the summit.
President HICHILEMA maintained that the government will continue messaging to the world that Zambia is the best destination for doing business and investment.
The Head of State however called on investors to partner with the government so that they help in fulfilling its agenda to the people whom he promised when vying for political office.
Earlier, Mines and Minerals Development Minister, PAUL KABUSWE, hailed the development saying the investment will result in more jobs especially among the youths.
The Chinese are better.
You’re high on cheap crack?
What a joke! why would the US be interested in $150 million copper mine in Zambia when they have Chile right next door? HH is at it again…finally penetrating the mining sector with his friends. We can spend $170 million on a presidential jet which is a liability but you go begging for $150 million in the name of investment for an asset class worth billions? Ushe what type of witchcraft is this? This man is focused on duping his own country for fame and power. HH you have plenty of time to change direction. Listen to Ghana, they know a thing or two about your so called friends.
Is it HH who bought the plane you are referring to? What is wrong in bringing investors in the mining sector when over time we mismanage our national assets as Zambians?
No, HH did not buy the Jet but this shows that Zambia has the money and resources to make local investments instead of running to the Americans for startup loans. This is criminal, you fail to manage the mines which are being looted and instead of cutting your loses, you choose to invite the harvesters for more. Do you really think $150 million is worth while investment for a billion dollar mine? Wow! That money is not even enough to build our cheapest airport.
There is no Mingomba Mine.
This an exploration program.
The asset worth billions only exist in your imagination. Its going to take more than $150 million to make a “$ Billion asset” a reality. If you have this type of money or know someone, they are still taking investors at this stage of the project. Or you can go for an outright acquisition.
@Son_of_the_18Million, name 1 successful exploration program done by the Americans on the African continent? Africa is poor because of people like you. Do you honestly think those fake dollars are worth more than our natural resources?
Yeah… in real money, minerals still in the ground, especially undiscovered minerals are worth as much as minerals on the moon or on Mars, and that is $0. Africa is poor because people who don’t understand how things work want to be in charge, not only that, then they think they should get rich through the pubic purse while they are in charge.
Good investment. Will creat jobs for the people . Hope investment goes through
Africa we joke too much….no wonder Africa will remain poor……giving away our natural resources for free and yet we’re struggling with Energy
Electric cars and NO electricity to charge them!
What proof do we need that the concept of investors does not work do we really need? From 1991 we have been having investors are we better off five presidents down the line? Dont you think its time we tried something new? This is the same minister celebrating 3.1% royalty deal has anyone bothered to do the math? 3.1% royalty means if copper sales 8000 per tonne 248 dollar is ours on 30 tonnes truck thats 7440$?the cost of operations for these mines cant be more than 4000$ per tonne meaning they make 3700$per tonne and on 30 tonnes 112520$ now they are an organization we are a country how fair is that? Isnt this day light robbery by these mines are you telling me we cant do better at what we are blessed with as a nation? U are all focused on belonging to these political parties u forget…
I hope the next generation of Africans will complain less about the WEST and lead in doing the right things for the continent. Even those who dont understand anything about the deal rise up with complaints. WHY not wait and see what the partnership will bring. Mind you nothing really has changed on the ground, it is just the current owners of Lubambe mine who have have brought in some financial muscle to help the mine to do more than what they are doing now.