Zambian underground mining company Lubambe Copper Mine Ltd. plans to infuse $500 million in a new mine to explore 7 million tons of copper over a 30 year period.
Lubambe said that the 7 million tons are coming from a 200 million tons ore body which was recently found on the mine.
The company added that the mine will begin producing around 150,000 tons of copper annually which will help Zambia attain its annual target of one-million tons.
The new mine is expected to create around 100,000 jobs during the building phase which will take about five years and about 2,000 new jobs to be created when the mine starts running.