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.