Mining Experts have ruled out unfavourable mining policies as reasons for Barrick Gold the owners of Lumwana Copper Mine to wind up operations in Zambia.
According to the Mine workers Union of Zambia, Barrick Gold president Mark Bristow has notified the union of intentions to sale the mine to new investors by next year.
Speaking in an interview with Money FM, Mr. Edward Simukonda says the sale of Lumwana Copper Mine to a new investor is purely a business decision explaining that policies governing the mining sector in Zambia are competitive in the Southern African region.
Meanwhile another Mining Expert Dr. Mwiya Songolo notes that the interest by other investors to buy Lumwana Copper Mine is an indications that Zambia is attractive to new investments in the mining industry.
Dr. Songolo explains to Money FM that it is too early to speculate over the impending sale because it is common practice by investors to sell their valuable investments to other investors in the business community.
Barrick Gold Corporation is considering a full sale of its Lumwana Copper Mines in North-Western Province, putting nearly 2,000 jobs at risk.