LUSAKA – Britain’s Moxico Assets plans to take a position $100 million to broaden its majority-owned Mimbula copper mine in Zambia, UK Minister for Africa Vicky Ford mentioned on Wednesday.
The funding will create new jobs and elevated tax revenues for Zambia’s authorities, Ford mentioned in an announcement launched by the British Excessive Fee in Zambia whereas she was on a go to to the nation.
Ford was visiting Zambia to launch a brand new funding mannequin, which she mentioned marked a key second for Britain’s financing of personal sector development and infrastructure throughout Africa.
“We're dedicated to supporting nations develop their very own economies, bolster personal sector funding and commerce, and ship the returns that may help wider socio-economic improvement,” Ford mentioned.
The Mimbula Copper Mission is situated in Zambia’s copper belt on the outskirts of Chingola city, greater than 400 km north-west of Lusaka.
The copper-rich deposit is situated on a large-scale mining licence held by Moxico Assets by its Zambian subsidiary, Mimbula Minerals Ltd.
Moxico holds an 85% possession within the licence holding firm and 15% is held by Moxico’s Zambian companions. The mining licence was granted in Might 2017, with a validity for 25 years.
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