JCHX Mining to acquire 80% stake in Lubambe Copper Mine
2024-01-22 12:06:52 [Print]
JCHX Mining Management Co., Ltd. announced that it would set up an overseas wholly-owned subsidiary to acquire 80% equity interest in Lubambe Copper Mine Limited for US$1 and acquire the claims arising from the USD857 million loan provided by Lubambe Copper Holdings Limited to Lubambe Copper Mine Limited for US$1. Upon completion, JCHX Mining's subsidiary will hold 80% interest in Lubambe Copper Mine in Zambia.
Lubambe Copper Mine Limited is mainly engaged in the underground mining and dressing at Lubambe Copper Mine and the main product is copper concentrate. The mining claim for Lubambe mine is valid until April 28, 2033 and it has a designed mining capacity of 2.5 million tonnes per annum. For various reasons, the mine hasn't been able to reach full capacity and the seller decided to quit the project.
According to a feasibility study report of Lubambe mine, it would achieve an average annual production of 77,500 tonnes of copper concentrate, containing 32,500 tonnes of copper, after some technical improvement and optimization of the existing mine.
Lubambe Copper Mine Limited is mainly engaged in the underground mining and dressing at Lubambe Copper Mine and the main product is copper concentrate. The mining claim for Lubambe mine is valid until April 28, 2033 and it has a designed mining capacity of 2.5 million tonnes per annum. For various reasons, the mine hasn't been able to reach full capacity and the seller decided to quit the project.
According to a feasibility study report of Lubambe mine, it would achieve an average annual production of 77,500 tonnes of copper concentrate, containing 32,500 tonnes of copper, after some technical improvement and optimization of the existing mine.
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