MKUSHI Copper JV Limited will invest about USD 62 million to develop a large scale copper mine in Mkushi district with the firm expected to commence pre production once Government cancels the default on the mining license.

Mkushi Copper a joint venture project between Ratel Group and African Eagle had its license suspended this year due to failure to develop the mine.

Mr Leonard Blake chairman of Mkushi Copper JV said that the mining firm intends to invest about USD62 million in the project and create about 250 jobs. The company has not been able to commence pre production due to the suspension of the mining license.

Mr Blake said that this when the firm made a presentation on the current status of the project to Ministry of Mines deputy Minister Mr Richard Musukwa in Lusaka. We will move into pre production and start with power upgrading at a cost of USD 2 million once Government cancels default on the license.

He said that the mine will between the first and second quarters of next year commission the mine plant with the capacity to produce about 20,000 tonnes per month.

Mr Blake also disclosed that Ratel plans to partner with Elephant Copper, a move that will enable the firm to produce up to 750,000 tonnes of copper annually and contribute over US$46million in taxes in the next 5 to 10 years.

Mr Musukwa said that elephant copper is a private company with a number of projects in Namibia, the Democratic Republic of Congo and Botswana. But Government expects investors to move on site after being issued with mining licenses and will not hesitate to cancel mining licenses that are held for speculation purposes.

He said that “It is not Government’s intention to revoke mining licenses but expects the investors to immediately move on site that way the Government will be able to derive maximum benefits from its mineral resources. We will not hesitate to cancel the mining licenses that are held for speculation purposes.”

Source - Daily Mail.co.zm

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