Glencore plans to invest over $1.1 billion in Zambia to sink three shafts with new technology that will extend mine life by over 25 years.
“We firmly believe that we shall be able to overcome the challenges that we face today as a company and become profitable and operationally-efficient,” Mopani Copper Mines (MCM) said in a statement.
It said the investments would be made between now and 2018 and it was expected that Mopani would be turned into a world-class mining operation by 2023.
Glencore said it was fully committed to Mopani and had invested over $3 billion in upgrading infrastructure and in major capital expansion programmes since 2000.
Mopani Copper Mines in November last year laid off more than 4,000 workers after a fall in metal prices.