Kitumba project to change hands

The construction of the Kitumba project in Mumbwa is expected to start soon following the transfer of shares from Intrepid Mines of Austria to the Consolidated Mining and Investment Limited (CMI) of the United Kingdom.
The project has been ongoing for about 25 years with big players like Blackthorn Resources doing a lot of exploration works.
Minister of Mines and Minerals Development Honorable Richard Musukwa said CMI is a mining development company engaged in copper and nickel ores and also owns Nickel Mines.
“With change of ownership of Kitumba, in a few months, we will witness a ground breaking ceremony for the construction of the mine.
“This will be the first time a large scale mine will be operating outside the Copperbelt and North-Western province” Mr Musukwa said at the Association of Zambian Mineral Exploration Companies (AZMEC) 2019 Explorer’s Forum themed ’New options for Zambia: Minerals and areas.’
Once the mine starts operating, it will provide a substantial number of jobs and business opportunities for the country, especially the host community.
Mr Musukwa said the construction of the mine in Mumbwa is encouraging and will attract other mining firms.
Mr Musukwa said mining houses, Zambians and investors must be able to get a fair return on their investment with the measures in this year’s budget.
“They are meant to ensure equitable distribution of the country’s natural resources,” he said.
He however, said Government through the Ministry of Finance, has taken note of the concerns from various stakeholders on the budget.

By Tryness Tembo, Zambia Daily Mail.

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