EMR Capital, an Australian mining giant has taken over operations at Lubambe Copper Mine in Chililabombwe.
EMR Capital Group Chief Executive Officer Jason Chang says the mining giant has invested 100 million U.S Dollars in taking over operations at the mine.
Mr. Jason says EMR Capital will invest a further 15 million Dollars in the next 6 to 12 months and continue to re-investing cash proceeds at the mine to expand the mine and double production.
He says EMR Capital will double copper production at Lubambe Copper Mine from its current 15,000 tonnes to about 40,000 tonnes per year.
Mr. Jason has told ZNBC News in Perth, Australia that EMR Capital will localize the company by retaining all the 1-thousand 500 plus jobs including management so that decisions of the company are made by the local management.
And Nick Bowen, the Chief Executive Officer at Lubambe Copper Mine said after looking at other African Countries, a decision was made to invest in Zambia because of its rich mineral resource and stable political environment.
Mr. Bowen said it is the first time that EMR Capital limited is investing in Africa and Zambia.
And Minister of Mines Christopher Yaluma said the take over at Lubambe copper mine is a relief to government.
He said government through ZCCM-IH endorsed the investment deal with EMR because of its enormous appetite of wanting to invest in the country’s mining sector.