Australian Based EMI Capital Mining Company says it will this year inject up to US$55 million to capitalize Lubambe Mine in Chingola District on the Copperbelt Province.
Lubambe Chief Executive Officer Nick Bowen has disclosed that the company plans to increase copper production by 60 percent to 36, 000 tonnes this year.
He adds that they plan to achieve production Capacity of the mine in 2020, producing up to 45,000 tonnes of the commodity.
Mr. Bowen has further disclosed that 22 percent was produced in 2018, translating to 22, 000 tonnes.
He was speaking when he visited the Republican President Edgar Lungu at State House in Lusaka today.
Meanwhile Mr. Bowen says the mine is working on an expansion project of an ore body at the mine which requires at least $500 million to develop.
He says the new mine has over 7 million tons of copper and over 200 million tonnes of ore.
The Chief Executive says they are currently doing exporatio0n and drilling and that they have come across 8 meters thick of 8 percent of copper.
He says works at the new mine are expected to be completed this year subject to getting the required approvals and the funds.
The Mine is expected to be developed in 4 to 5 years and will produce between 100, 000 to 150 000 tons of copper per year for 50 years and will employ 500 to 1000 people over the period of construction and will require a workforce of about 2000 people once production commences.
The Old mine currently has a workforce of 1500 including contractors.
Mr. Bowen says his company will contribute significantly to ensuring that government achieves their goal of producing one million tonnes of copper per year.
And he says the company can afford the new tax regime and will vary other operating costs without retrenchments.
Lubambe mine in particular which he said would be in distress, today told the president they would increase production, pay more tax and therefore pay more dividends; in addition they announced that they concluded salary negotiations in a record two weeks giving workers a hefty package

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