A US based mining firm, with its partners, has announced a 150 million United States dollars investment in mining exploration and development in the Mingomba deposit and support towards Lubambe Copper Mine in Chililabombwe town in the Copperbelt Province.
The mine has the potential to provide enough copper for more than 100 million electric vehicles.
Making the announcement on the sidelines of the US-Africa Leaders’ summit in Washington today, KoBold Metals President, JOSH GOLDMAN, said the 150 million dollars investment is its first major mineral exploration commitment it is making under President HAKAINDE HICHILEMA.
Mr. GOLDMAN said a number of factors had driven the mining firm to enter into a public private partnership -PPP- with ZCCM-IH and EMR Capital, the major shareholder in Lubambe Mines.
He said the investment will introduce highly skilled mining professionals and technology to Zambia for copper and cobalt exploration at Mingomba Resources.
Earlier, US Secretary of Commerce, GINA RAIMONDO, said this year’s summit will see the announcement of 14 deals worth 15 billion dollars, more than what was committed during the US-Africa Summit of 2014.
Ms. RAIMONDO expressed happiness that Zambia was able to benefit from this amount of investment.
She said the US government remained committed to supporting the country’s development efforts.
And President HICHILEMA reiterated his administration’s commitment to develop the country through promotion of investments such as the one the country has clinched at the summit.
President HICHILEMA maintained that the government will continue messaging to the world that Zambia is the best destination for doing business and investment.
The Head of State however called on investors to partner with the government so that they help in fulfilling its agenda to the people whom he promised when vying for political office.
Earlier, Mines and Minerals Development Minister, PAUL KABUSWE, hailed the development saying the investment will result in more jobs especially among the youths.