British firm plans to invest $100 million in Zambia mine expansion

PUBLISHED: Wed, 06 Apr 2022 15:58:16 GMT
Chris Mfula
Vicky Ford MP raises a point of order saying that she had heard the words “stupid woman” being used about her in the chamber, and requesting an apology from Speaker John Bercow, in the House of Commons, London. (Photo by House of Commons/PA Images via Getty Images)

LUSAKA, April 6 (Reuters) – Britain’s Moxico Resources IPO-MOXI.L plans to invest $100 million to expand its majority-owned Mimbula copper mine in Zambia, UK Minister for Africa Vicky Ford said on Wednesday.

The investment will create new jobs and increased tax revenues for Zambia’s government, Ford said in a statement released by the British High Commission in Zambia while she was on a visit to the country.

Ford was visiting Zambia to launch a new investment model, which she said marked a key moment for Britain’s financing of private sector growth and infrastructure across Africa.

Read more: Zambia expects full agreement with IMF on $1.4 bln support plan in mid-2022 – finmin

“We are committed to supporting countries grow their own economies, bolster private sector investment and trade, and deliver the returns that will support wider socio-economic development,” Ford said.

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

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

Moxico holds an 85% ownership in the licence holding company and 15% is held by Moxico’s Zambian partners. The mining licence was granted in May 2017, with a validity for 25 years.

Sign Up for Our Newsletter Daily Update
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.