Lubambe expansion projects continue
LUBAMBE Copper Mine Limited has completed an Advanced Concept Study of a new world-class copper resource and outlining the development of a new mine.
The project extension would among other benefits extend the life of Lubambe past 2050, create approximately 3500 jobs for Zambians from construction phase to production.
It would also create opportunities for Zambians and Local suppliers.
The project will also contribute to the country’s economic growth through payment of Mineral Royalty and Corporate Tax.
Recently, the Zambia Chamber of Mines announced that major mining projects had been suspended, alleging that the mine tax regime was unstable to the extent that firms were unable to sustain development projects.
However, Lubambe Chief Executive Office, Nick Bowen, said the Chililabombwe-based mining firm was ready for the next phase of development.
Mr Bowenhas briefed Mines Minister Richard Musukwa on the new prospect.
Following completion of the recent drilling programme, the extension resource now stands at 235 tonnes of copper-cobalt ore at an average grade of 3.65 per cent TCu, 0.05 per cent cobalt and has further opportunity for growth.
The updated resource statement contains an estimated 8.5 million tonnes of copper making it world class.
The new ore body is located some 6km South of the existing mine, at depths of over 1000m and is contained on Lubambe’s 228 sq kilometer mining license.
"Our Extension project is currently the highest grade, largest undeveloped copper resource in the world. Today we have had very productive discussions with government about how we will work together to bring this multi-billion dollar project to realization,” Mr Bowen said
He added that there was another two years of detailed studies, design and approval processes to get the mining firm ready for construction.
He said that currently, the company had plans to commence construction in 2023 and bring the new mine into production in around.
Mr Bowen said that next steps were to progress the pre-feasibility of the new Lubambe extension project and obtain necessary technical and environmental approvals from Government and other key stakeholders.
“We now have the opportunity to work together to ensure this mine can be approved and constructed in the shortest time possible. We are all very excited about creating a world class mine producing 160,000 tonnes a year of copper for the benefit of all stakeholders," Mr Bowen said.