Zambia News

US MINING FIRM TO Invest in Copper Mine in Lubambe

In the Copperbelt Province’s Chililabombwe town, a US-based mining company and its partners have announced a 150 million US dollar investment in mining exploration and development in the Mingomba deposit as well as support for the Lubambe Copper Mine.

The mine could produce enough copper to power more than 100 million electric cars.

The 150 million dollar investment marks the company’s first significant commitment to mineral exploration under President HAKAINDE HICHILEMA, according to KoBold Metals President JOSH GOLDMAN, who made the news today on the sidelines of the US-Africa Leaders’ summit in Washington.

According to Mr. GOLDMAN, a number of variables led the mining company to form a PPP with ZCCM-IH and EMR Capital, the largest shareholder in Lubambe Mines.

According to him, the investment will bring highly qualified mining personnel and technology to Zambia for Mingomba Resources’ copper and cobalt development.


GINA RAIMONDO, the US Secretary of Commerce, had stated that this year’s summit will witness the announcement of 14 projects totaling $15 billion, which is an increase from the commitments made at the US-Africa Summit in 2014.


The fact that Zambia was able to gain from this amount of investment made Ms. RAIMONDO happy.

She declared that the US government remained devoted to helping the nation’s development initiatives.

Additionally, President HICHILEMA reaffirmed his administration’s commitment to helping the nation develop by promoting investments like the one it secured at the summit.

The government will continue to promote Zambia as the ideal location for investment and business, according to President HICHILEMA.


However, the Head of State urged businesses to work with the government to complete its objectives and deliver on the promises he made to voters when running for office.

Earlier, the Minister for the Development of Mines and Minerals, PAUL KABUSWE, praised the development and predicted that the investment will create additional jobs, particularly for young people.

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