Mopani Copper Mines has announced a new US$ 1.3 billion investment in its mining operations in Zambia.
Company Board Chairman Moses Chilangwa has told a news conference in Lusaka today that the investment will go towards capital projects that include sinking and equipping three new shafts namely Synclinorium and Mindolo deep in Kitwe, and the Mufulira deep shaft.
Mr Chilangwa says the new shafts are expected to come online by the end of 2018 and will double Mopani’s output from the current 3.8 million tons of copper ore hoisted per annum to 9 million tons by 2020.
He has however, acknowledged that the past three years have been challenging for Mopani and all stakeholders in the industry as a result of low commodity prices on the international market coupled with the energy deficit.
Mr. Chilangwa has however, stated that despite the challenges being faced, Mopani remains resolute and fully committed to all its social responsibility programmes in communities around the country.
He adds that over the past three years Mopani has invested more than 1 billion United States dollars in its operations to recapitalize its mining operations and extend the lifespan of its mines by a further 25 to 30 years.