Lubambe Copper Mine has discovered a new ore body, containing 2-hundred and 35 metric tonnes of copper and cobalt, which is expected to extend the Chililabombwe based mine’s lifespan to 30 years.
Company Chief Executive Officer, Nick Bowen says the new ore deposits will need an injection of 10-billion United States dollars, before it can be exploited.
Mr. Bowen says the ore body has been discovered 6 kilometers south of the existing mine and it is projected to produce 90 thousand tonnes of copper a year.
Speaking when Mines Minister, Richard Musukwa visited the mine, Mr. Bowen said with further expansion, the mine can increase production to 1-hundred and 60 thousand tonnes.
He revealed that approvals for the new project will take two years before the new mine can start operating.
And Mr. Musukwa has described the discovery of the ore body as the future of copper mining in Zambia.
Mr. Musukwa, who is also Chililabombwe Member of Parliament, has said the discovery of such a large quantity of copper and Cobalt is an assurance of continued jobs and collection of taxes by authorities.
The Minister has revealed that in phase one, the mine is likely to employ about one thousand five hundred people.
This doe not make sense. If the discovery is 235Tonnes of Copper, investing $10B in excavating it will mean a cost of production of $42.5M per tonne. And how does 235Tonnes yield 90,000tonnes of copper a year, for 30 years? Gentlemen: Please take care of the numbers and report properly. tabenangu tinapasa ma Samu.
They are exam leak reporters. No analysis of information before putting it out to the public
What caught my eye was the sentence: a new ore body, containing 2-hundred and 35 metric tonnes of copper and cobalt, Only?? Firstly 235 tonnes wouldn’t take anyone 30 years to exploit. It would be finished in an hour and it would earn the seller only 1,569,800 dollars at today’s price of $ 6680 a tonne, Ba Editor????
Under the current copper mining set up MMD left us under, there is nothing to celebrate because all that wealth will be exported. It’s zccm gold we should be celebrating as PF has set it up to be owned by the nation so that the wealth stays here.
Lubambe Copper Mine has discovered a new ore body, containing 2-hundred and 35 metric tonnes of copper and cobalt.
it is projected to produce 90 thousand tonnes of copper a year. How can 235 tonnes yield 90 000 tonnes per year? Journalists please proof read your articles before publishing.
A new orebody containing 235 metric tonnes has neen discovered and from this orebody, its expected the mine will produce 90 000 metric tonnes of copper per year for 30 years. Really !! 90000 metric tonnes from a 235 tonne orebody!!! My head is spinning…someone help me !!
10 billion US dollars will open about 5 large scale mines. Everything under PF is shambolic
What is that to do with Zambians?
The CEO of the mine is already projecting investment figures that will ensure that govt gets next to nothing in tax. Justification will be re-investing. So apart from piece jobs, there’s nothing to celebrate. Mines will only benefit Zambians when the govt takes a stake of 35% and above in most mines as it is in our neighbouring Botswana.
Very poor reporting. So, these numbers made sense to the reporter?
And there was Mr Francis Kaunda in 1987 telling the country that there was only 15 more years of copper mining left in Zambia. Why have Zambian mining graduates failed the country? Why do none of them own a mine? They were trained to be employees and not employers. Even the emerald mines are owned by Indians. We Zambians failed to run ZCCM for 25 years. We run the company to the ground with expensive living habits, posh cars, big mansions and holidays with girlies. On top of that KK and UNIP milked the cow until the udders were sore. Now, we are complaining that profits are going out of the country!