By Abigail Chaponda in London, United Kingdom
Mines and Minerals Development Ministers Richard Musukwa says he is determined to form a profitable mining industry in the country that will contribute significantly to the economy as long as Zambian investors are ready to invest in the industry.
And Arc Minerals a London stock exchange AIM listed company has partnered with Terra Metals of Zambia. The partnership has resulted in ARC Minerals having a consolidated shareholding of about 66 percent in Zamsort Limited a Zambian registered company.
The Minister who was in the company of Zambia’s High Commissioner to the United Kingdom His Excellency Mr. Muyeba Chikonde, ZCCM-IH Chief Executive Officer Dr. Pius Kasolo and Diplomatic staff was speaking at the launch of the ARC Minerals and ZAMSORT launch in London were he told investors attending the launch that the future of developing Zambia lies in Zambian investors investing in the mining industry.
“It is high time that Zambian investors got on board and invested in the mining industry. Let us work together as Zambians to transform the mining industry. As Government we are very happy that ARC Minerals a Zambian company is listed on the London Stock Exchange. This is very good for the country. We want to see more Zambian mining companies listed,” he said.
The minister called on the business world to invest in ARC Minerals and assured them that the project was workable and profitable.
Arc Minerals is an AIM listed exploration and mine development company focused on a diversified portfolio of mining projects with interests in Slovakia, Eritrea, the Democratic Republic of the Congo and Zambia.
Consequential to this partnership Zamsort is completing construction of a 15tons per hour copper cobalt processing plant and has commenced a drilling exercise that will result in a bankable feasibility study compliant resource at their Kalaba mine in Mwinilunga district of Northwestern Province.
The company anticipates to employ 150 to 200 people in the first phase of development.
ARC Minerals current holdings 99 percent interest in CASA Mining Limited, a private company that has a 71.25 percent interest in the 3-million-ounce inferred resource Akyanga gold deposit in the DRC.
It has 61 percent interest in Zamsort Limited, a private company focused on a prospective copper and cobalt license on the Copperbelt, with approximately a five percent balance and interest (convertible note) being rolled forward to the end of 2018 and holds 100 percent ownership of the Kremnica Mining Licence gold project in Slovakia area.