JCHX Mining Nears Acquisition of Zambia’s Lubambe Copper Mine
JCHX Mining is in the final stages of acquiring an 80% stake in Zambia’s Lubambe copper mine from EMR Capital, sources informed Reuters.
This move marks another significant acquisition by Chinese firms expanding their footprint in Africa’s copper mining sector.
The Shanghai-listed mining services and contracting firm’s deal, nearing completion, had faced potential competition from Abu Dhabi’s International Resources Holding (IRH), which later withdrew its interest.
This development has cleared the path for JCHX Mining to proceed with the transaction.
Under the agreement, Zambia’s state firm ZCCM-IH will retain a 30% stake in the Lubambe assets. The deal, approved by the ZCCM board, underscores China’s strategic interest in securing critical minerals like copper amid global energy transition trends, particularly driven by electric vehicle demands.
EMR Capital, the current owner since 2017, aims to divest its interests in Lubambe as part of its financial strategy post-Covid-19 disruptions.
Meanwhile, IRH, buoyed by its stake in Zambia’s Mopani Copper Mines, continues to seek opportunities in critical metals across Zambia and beyond.
As China intensifies its investments in Africa’s mining sector, particularly in copper, cobalt, and lithium, these developments highlight the growing influence of Chinese investors in the region’s resource-rich economies.
