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.
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.
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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