Zambia Consolidated Copper Mines Investment Holdings has announced plans to enter into exploration of base metals with the creation of an in house exploration arm to oversee the venture.
ZCCM IH Chairman Willa Mungomba told Reporters that the company is interested in venturing base metal exploration in Zambia as part of its reinvestment programme.
Mr. Mungomba said necessary documents has been developed and submitted to the Ministry of Finance and Mines and the Attorney General’s office for legal opinion.
He said ZCCM IH hopes that the new exploration firm would be operational by January 2013.
Mr. Mungomba said ZCCM IH would welcome local and foreign investment into the venture as a way of a stake.
ZCCM IH, with a market capitalization of USD 178 million is an investment holdings firm for the Zambian government and holds minimum equity in most of the mining companies operating in the country.