China's JCHX Mining is reportedly planning to invest $300m (2.18bn yuan) investment in the Lubambe Copper Mine in Zambia, Reuters reported.
Th move is aimed at reviving the mine, which was recently acquired by JCHX from EMR Capital, and extending its operational life.
JCHX Mining, a Shanghai-listed mining services and contracting company, holds an 80% stake in the mine, while the remaining 20% is owned by Zambia's state mining investment arm, ZCCM Investments Holdings (ZCCM-IH).
ZCCM-IH has expressed its intention to negotiate a new shareholders agreement and commercial terms with JCHX.
Located in the Copperbelt Province of Zambia, the Lubambe Copper Mine is an underground operation that began in 2012.
Situated approximately 468km north of Lusaka and 40m from Chingola, the mine spans a lease area of around 228km².
It features a processing plant with the capacity to handle up to 2.4 million tonnes per annum and is characterised by its two distinct limbs, the East and South Limbs.
Earlier this month, ZCCM-IH's investee company, Maamba Collieries (MCL), received two large-scale exploration licences for lithium and other minerals in Zambia's Southern Province.
Holding a 35% stake in MCL, ZCCM-IH is looking to commence exploration promptly to confirm the presence of these minerals.
The licences, valid for four years, will allow MCL to conduct detailed exploration and potentially ascertain the quantum of resources and reserves.
These exploration activities align with ZCCM-IH's strategic plan for 2020–26, which includes the exploration of critical battery metals like lithium, as the company seeks to diversify its mineral commodity base.
