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After prolonged speculation on the future of Lubambe Copper Mine in Chililabombwe, ZCCM-Investment Holdings (ZCCM-IH) has confirmed that JCHX Mining Management Company Limited has acquired an 80 percent shareholding in the company.
The Chinese mining conglomerate, a subsidiary of Sudimo Mining Investment, would now hold the 80 percent share previously owned by EMR Capital, confirming the exit of the Australian mining company.
In a market update on the Lusaka Securities Exchange (LuSE) on Wednesday, ZCCM-IH company secretary Charles Mjumphi said the new investor had pledged to inject US$300 million for operations and the extension of the mine’s lifespan.
Read more: Chinese mining giant, CHX Mining, reportedly close to buying Zambia’s Lubambe copper mine
According to Mjumphi, the 80 percent shareholding acquisition in Lubambe included claims on shareholder loans through a Share Sale and Purchase Agreement (SSPA).
“JCHX, as the principal funder, intends to pump in US$300 million into Lubambe for operations and the extension of the life of the mine,” he said.
Mjumphi added that the Board was confident ZCCM-IH would leverage more value from Lubambe for the benefit of all stakeholders.
JCHX, one of the largest privately owned mining contractors headquartered in Beijing, China, was founded in 1997 and focuses on contract mining and mine construction.
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