The Chinese company, JCHX Mining Management Company Limited (JCHX), has completed its acquisition of 80% shareholding in Lubambe Copper Mines (Lubambe) from EMR Capital, ZCCM-IH Investments Holdings (ZCCM-IH) has announced.
In a market statement issued Wednesday, ZCCM-IH, which holds the remaining 20% of Lubambe, disclosed that JCHX intends to invest around US$300 million into the mine for operations and extension of the mine’s life.
JCHX has made the acquisition through its wholly owned overseas subsidiary Sundimo Mining Investments Limited with who ZCCM-IH will soon negotiate a new shareholders agreement and commercial terms.
Lubambe is in the same locale as Konkola Copper Mines, which gives a different significance to this investment as stakeholders beyond the employees expect to derive value from a rejuvenated Lubambe.
