The investment will create new jobs and increase tax revenue for the Zambian government, Ms Ford said in a statement issued by the British High Commission in Zambia while visiting the country.
Ms Ford was in Zambia to launch a new investment model, which she says marks a key moment for Britain’s funding of private sector and infrastructure growth across Africa.
“We are committed to helping countries develop their own economies, supporting private sector investment and trade, and delivering the returns that will support broader socio-economic development,” Ms. Ford said.
The Mimbula copper project is located in Zambia’s copperbelt, on the outskirts of the town of Chingola, over 400 km northwest of Lusaka.
The copper-rich deposit is located on a large-scale mining license held by Moxico Resources through its Zambian subsidiary, Mimbula Minerals Ltd.
Moxico has an 85% stake in the licensee company and 15% is held by Moxico’s Zambian partners. The mining license was granted in May 2017, with a validity of 25 years.