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BRITISH FIRM TO INVEST $100 MILLION IN ZAMBIA MINE EXPANSION

BRITISH FIRM TO INVEST $100 MILLION IN ZAMBIA MINE EXPANSION
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Ekeomah Atuonwu

Moxico Resources (IPO-MOXI.L) of the United Kingdom plans to invest $100 million to expand its majority-owned Mimbula copper mine in Zambia, according to UK Minister for Africa Vicky Ford.

Ford stated in a statement released by the British High Commission in Zambia while on a visit to the country that the investment will create new jobs and increase tax revenues for the Zambian government.

Ford was in Zambia to launch a new investment model, which she described as a watershed moment in Britain’s financing of African private-sector growth and infrastructure.

Zambia 🇿🇲 President Hakainde Hichilema
/Andy Buchanan-AFP/

The Mimbula Copper Project is located on the outskirts of Chingola town, more than 400 kilometers north-west of Lusaka, in Zambia’s copper belt.

The copper-rich deposit is located on a large-scale mining license held by Moxico Resources’ Zambian subsidiary, Mimbula Minerals Ltd.

British Minister for Africa Vicky Ford/ Reuters/

Moxico owns 85 percent of the licence holding company, with the remaining 15 percent held by Moxico’s Zambian partners. The mining license was granted in May 2017 and has a 25-year term.

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Ekeomah Atuonwu

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