Keeping you up to date with our ever changing industry.

Investee Company News

Lubambe mine projected to increase production by over 60 percent-CEO

Lubambe mine has announced that the mining company is this year projected to increase production by over 60 percent.

Chief Executive Officer (CEO) Nick Bowen said in Lusaka yesterday Lubambe mine last year recorded a 22 percent increase in copper production.

He said this after a meeting with Republican President Edgar Lungu at State House in Lusaka, this morning.

It produced 22,000 tonnes of copper which is the biggest increase that has happened to the mine since it was opened.

Mr Bowen said this year the mine again is projected to produce 36,000 tonnes of copper increasing production by over 60 percent.

This will help the company achieve its design capacity of 45,000 tonnes by 2020.

On the new tax regime Mr Bowen said government is looking at earning enough from the mines and that what is important is stakeholder engagement, which is already happening.

He said the mine will continue operating and will not cut down on jobs.

” We have been working closely with the government. We understand their objective is to get more income for Zambians and the increase in production is going to deliver so much more in taxes. The more we produce the more taxes the government will earn,” Mr Bowen said.

The mine has over 1,250 employees and 1,250 contractors,” the great position we are in. We need more workers, not less” he said.

He, however, assured the Head of State that the mine will not reduce its workforce as the current one has managed to increase production for the firm.

Mr Bowen said the mine has discovered 200,000 million tonne new ore body with a seven (7) million tonnes of copper at eight (8) percent, which is a high-grade rate according to global standards.

He said the mine is now processing all the neccessary papers with government to start explorations and is expected to invest US$500 million in its operations from next year.

This will create more than 1,000 jobs at construction stage, which will take five (5) years and over 2,000 new jobs will be created when the mine becomes operational.

Source: Lusaka Times

Previous ArticleNext Article