(Ecofin Agency) - EMR Capital recently sold its 80% stake in the Lubambe copper mine. With Zambia looking to increase its copper production, new owner JCHX plans to inject $300 million into Lubambe.

Chinese group JCHX plans to invest around $300 million to operate and extend the life of the Lubambe copper mine, in Zambia. This was announced on July 11 by Zambia's state-owned ZCCM-IH, confirming JCHX's acquisition of the 80% stake in Lubambe previously held by EMR Capital.

Market Announcement:

JCHX Mining Management Company to invest USD300 million in Lubambe Copper Mines Ltd as new majority shareholder in the Company, taking over from EMR Capital who have exited the Company#zccmih #lubambe #investingsmartly pic.twitter.com/CMw3ls59Cm

— ZCCM-IH PLC (@ZCCMIHPLC) July 11, 2024

ZCCM-IH owns the remaining 20%. JCHX’s investment will both support Lusaka’s plans to boost national copper production and strengthen China's presence in the copper belt between Zambia and the Democratic Republic of the Congo (DRC).

These two countries are Africa's leading producers of copper. Before investing in Zambia, JCHX operated the Dikulushi and Lonshi copper mines in the DRC.

Zambia produced around 700,000 tonnes of copper in 2023, far behind the DRC which produced 2.8 million tonnes. By 2026, Zambia seeks to produce 1 million tonnes of copper and triple it by 2030.