UNITED Kingdom-based Consolidated Mining and Investments Ltd has bought the troubled Munali Nickel Mine under a lease agreement.
Munali Nickel Mine, which is located in Mazabuka, will start operations soon since the company was closed since 2011.
Minister of Mines, Energy and Water development Christopher Yaluma said the development follows the completion of negotiations between the Jinchuan Group of China and the new investor under a lease agreement.
Mr Yaluma said in an interview that CMI is expected to move on site within the course of this month.
“I can confirm that the nickel mine is set for revival and the new investor is expected on site before the end of the month,” he said.
Operations at Zambia’s sole nickel mine situated in Southern Province were paralysed in 2011 due to plummeting base-metal prices on the global market.
The global economic situation led Munali Nickel Mine which was then co-owned by Jinchuan and Albidon Limited of Australia, into financial crisis forcing its closure.
He said he is optimistic that the revival of the mine will double the number of jobs and increase economic activity in the town whose economy is currently driven by sugar cane cultivation.
“This new equity partner is an accredited developer of several mines globally and Government is confident that the agreement with Jinchuan will yield the desired benefits for the people of Zambia,” he said.
Zambia Daily Mail
That’s good news