Moxico Resources, based in the United Kingdom, is to invest $100 million to expand its majority-owned Mimbula copper mine in Zambia, according to UK Minister for Africa Vicky Ford.
Ford stated in a statement published by the British High Commission in Zambia while on a visit to the nation that the investment will result in new employment and greater tax income for Zambia’s government.
Ford was in Zambia to unveil a new investment model, which she described as a watershed moment in Britain’s backing of Africa’s private sector growth and infrastructure.
“We are dedicated to assisting nations in growing their economies, bolstering private sector investment and trade, and delivering the rewards that will promote broader socioeconomic development,” Ford added.
The Mimbula Copper Project is located in Zambia’s copper belt, on the outskirts of Chingola town, approximately 400 kilometers north of Lusaka.
Moxico Resources’ Zambian affiliate, Mimbula Minerals Ltd, holds a large-scale mining permit on the copper-rich deposit.
Moxico owns 85 percent of the license holding business, with Moxico’s Zambian partners owning the remaining 15%. The mining permit was issued in May 2017 and is good for 25 years.