Wednesday, May 29, 2024

UAE investor pledges to invest over $300 million into Copper and cobalt processing plant in Mufulira

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United Arab Emirates (UAE) investor Blue Star Resources Ltd has pledged to invest over 300 Million United States dollars into Copper and cobalt processing plant in Mufulira.

Blue Star Resources has expressed interest to develop dump number one and two at the historical copper slag dumpsite at Mopani Copper Mines (MCM) in Mufulira.

Mufulira Mayor Tanaeli Kamanga has announced that Blue Star Resources Ltd who has already engaged his council is expected to create 300 pensionable jobs in the district.

Mr. Kamanga said under its proposed investment in Mufulira, the initiative, Blue star Resources will install a state of the art plant in Mufulira and will extract cobalt concentrate and copper concentrate at the rich copper slug dump site.

The Mufulira Mayor said council expects the investor to plough back to the community as it begins operations in the mining town.

“This development means that each of the three constituencies in Mufulira District will receive 2.5 Million United States dollars under the Corporate Social Responsibility Program CSRP that will be initiated by the firm. The money under CSRP will be channeled to respective constituencies for various skills training and development programs to aid women and youths and also be used for various empowerment projects. As Mayor of Mufulira, I am confident that this mammoth investment will create several openings and opportunities for our local business community,” Mr. Kamanga said.

“As a district, we are proud to receive such investment in our town. The coming of Blue Star Resources Ltd is a confirmation that indeed the New Dawn Administration is determined to grow the economy further and create the much needed jobs especially for our youths. A portion of the net profit accrued by Blue Star Resources will be reinvested into the community on an ongoing basis so as to sustain the CSR projects by the firm. The firm will recruit over 300 youths to work at its project and the youths will be singled out from Mufulira,” he said.

Under the joint venture initiative with MCM, Blue Star Resources will among other things conduct a feasibility study into the processing of smelter slag that has been generated over the life of MCM Mufulira.

Blue star Resources is a subsidiary of Blue star Capital which is Headquartered in the UAE.

Under its proposed investment in Mufulira, the initiative, Blue Star Resources will install a state of the art plant in Mufulira and will extract cobalt concentrate and copper concentrate at the rich copper slug dump site.

The firm was incorporated in Zambia in 2017.

According to information accessed by Lusaka Times, Blue Star Resources has been involved in metal trading in Zambia and has adopted a growth strategy for Zambia of downward integration in order to develop the country’s rich mineral resources starting with mineral processing.

Blue Star Company in conjunction with their technical partner, Nature Mining Resources NMR will be the project executors in Mufulira.

Blue Star Resources envisages investing over 7.5 million United States dollars into the Mufulira community upon the mining firm signing a contract with MCM.

3 COMMENTS

  1. This is an Indian Company. Another Vandatta in the making. Blue Star Ltd, is an Indian multinational home appliances company, headquartered in Mumbai, India. This company manufacturer, air conditioning, commercial refrigeration and MEP (Mechanical, Electrical, Plumbing and Fire-fighting) with over 78 years of experience.
    What has this got to do with mining? I wonder

  2. This kind of news is no longer exciting. If descendants of Peter Magayi, Spider Machisa, Gerald Days, Kalimanshi, Mukutokoto, Hey Joe Kosa, Chibwe and others can come up with such a project then it’d excite me

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