On June 19, the handover ceremony of Lubambe Copper Mine was held as scheduled, during when JCHX took over the Lubambe Copper Mine and appointed new directors and senior management to Lubambe Copper Mine Limited (LCML), as stipulated in the agreement. As of June 18, 2024, JCHX has the authority to make direct decisions regarding the operation and management of Lubambe Copper Mine.
On January 22, 2024, JCHX announced its proposal to acquire, through its wholly-owned subsidiary, 80% of the equity shares and related debts of LCML from EMR Capital, thereby obtaining 80% of the interests in Zambia's Lubambe Copper Mine. Before the handover ceremony, both parties had secured all required internal approvals and authorizations, including the consent of minority shareholders of LCML and major regulatory approvals, such as approvals by and registration at Zambia’s Ministry of Mines, COMESA, the Chinese Ministry of Commerce, the National Development and Reform Commission, and the State Administration of Foreign Exchange. Based on which, the conditions were met for both parties to provide loans to LCML and for JCHX to take over Lubambe Copper Mine.
Mr. Tim Duffy, former CEO of Lubambe Copper Mine, warmly welcomed the JCHX team for taking over, highlighting the sound cooperation and robust relationship developed over the past four months. He expressed the confidence in JCHX's ability to initiate a new chapter for Lubambe Copper Mine, ensuring its sustainability and prosperity. Recognizing that transitions inevitably entail challenges, Mr. Duffy encouraged full support to the new management team and their strategic initiatives, aimed at unlocking the full potential of Lubambe Copper Mine.
Mr. Wang Gang, VP of JCHX Mining and the new GM of Lubambe Copper Mine, expressed heartfelt gratitude to Mr. Duffy and all project workers for their efforts and contributions made to the mine. Looking ahead, he emphasized the significant tasks and challenges lie ahead, highlighting the need for increased investment, optimization of the development & transportation system of the upper orebody, and expediting the launch of the capital development in the deeper zone, to expand capacity and increase output. JCHX is committed to improving the management, enhancing the corporate efficiency, and continuously improving safety and environmental conditions, with the goal of developing Lubambe into a sustainable and ecological mine.
At the ceremony, Mr. Wang Xianlai, Executive Deputy GM of JCHX's Resource Investment Division, highlighted the significance of JCHX taking over Lubambe Copper Mine on the 60th anniversary of China-Zambia diplomatic relations. The mine is JCHX’s first resource project in Zambia, marking a crucial step made by JCHX in the "Going Global" strategy and in the resource investment sector. JCHX will inject new vitality into Lubambe Copper Mine, contributing to the local employment, economic stability, and social development in Zambia.
