President Hakainde Hichilema has launched works to sink a 1.7 kilometres shaft at Mingomba Mine in Chililabombwe on the Copperbelt.
The project is the largest single American capital investment into Zambia’s mining sector, with an initial investment of US$430 million.
President Hichilema, who has described the investment as a new chapter in Zambia’s mining, has thanked the American investors for showing confidence to invest.
Speaking at the launch, the President said Zambia is open for business and the sinking of a new shaft at Mingomba is evidence that the country is back in the champions league.
President Hichilema also urged mining companies to implement the local content policy so that more Zambians can participate in the mines.
And Kobold Metals President, Kurt House said the Mingomba mine will have the capacity to produce 300,000 tonnes of copper per year.
Mr Kurt said the company plans to invest US$3 billion in a period of ten years.
Meanwhile, Kobold Metals Chief Executive Officer, Mfikeyi Makayi said the company has already employed 600 people, adding that there are explorations for Lithium and Nickel.
And American Ambassador to Zambia, Michael Gonzales said the investment will help to create jobs for Zambians, drive skills and empower local businesses.
Earlier, Copperbelt Province Minister, Elisha Matambo and his Mines counterpart, Paul Kabuswe said the sinking of the new shaft is testament to the renewed investor confidence.
Meanwhile, ZCCM-IH Board Chairperson, Phesto Musonda said the entity owns 20% shareholding in Mingomba Mine and is looking forward to increasing its stake to 25%.
