Zambia increases stake in Lubambe mines to 30%

Zambia has raised its shareholding in Lubambe Mines from 20 percent to 30 percent, Minister of Mines and Minerals Development Paul Kabuswe announced.

Initially considering a 20 percent stake, the government decided to increase its share to 30 percent after listening to public concerns.

During a media briefing in Lusaka on Friday, Kabuswe said documents are being finalised to solidify this decision.

Kabuswe highlighted that the investor had committed an initial $100 million investment for the mine’s operations, including plans to construct a new shaft, a project requiring advanced technology and expertise.

Expressing satisfaction with the outcome, Kabuswe acknowledged the challenging but worthwhile negotiations for Zambia and its citizens.

He stated the importance of leadership and technology in making this investment a success.

The government is also formalizing artisanal mining by issuing licenses and supporting small-scale miners, with 272 licenses already issued.

Kabuswe reiterated the establishment of Gold Marketing Centers and a Gold aggregator to facilitate gold sales and support local miners.

Additionally, the government is providing equipment and skills training to help miners progress from small-scale to junior miners and eventually own large mines.

Kabuswe emphasized efforts to formalize the sector to reduce illegal mining and increase benefits to local communities.

Kabuswe announced plans to boost mine production, targeting 1.5 million metric tonnes from brownfield mines as part of a 3 million tonnes annual goal.

He highlighted significant investments, including the $2 billion Konkola Copper Mines expansion project and the $1.2 billion Konkola Deep S3 expansion project.

Preparatory work is underway to reopen the Kasenseli Gold Mine, with an expected date of August ending.

Kabuswe stressed government’s commitment to enhancing Zambia’s mineral resources and promoting economic development.

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