M a r k e t N e w s

Australia's Intrepid Mines Invests U.S.$40 Million in Africa's Kitumba Project

Posted on : Thursday, 24th December 2015

 Intrepid Mines, an Australian company, has spent more than US$40 million on drilling and exploration works on the Kitumba Mine project located in Mumbwa District.

Intrepid Board representative and non-executive director, Richard Baumfield said the Australian Stock Exchange-listed firm underwent restructuring and had since merged with Blackthorn Resources to acquire a 100 per cent stake in the Kitumba Mine which potentially contains copper deposits.
Mr Baumfield said this when he met with Zambia's High Commissioner to Australia, George Zulu in Sydney.
This is according to a statement released yesterday by first secretary at the Zambian High Commission in Canberra, Australia, Alick Banda.
"The Kitumba Mine project has become the sole major development on Intrepid Mines' accounts, with new and experienced management in place.
"This is the only major project that the company has, and with the continued support of the Zambian Government, the project is bound to be a success on a mutual benefit," Mr Baumfield said.
He said the Kitumba resource was chosen after many considerations which included a conducive investment climate being offered by the Government.
"Despite the mining downturn, the prospects for the industry remain high and our company will continue drilling and exploration works as well as carry on with corporate social responsibility projects that we have been doing in Mumbwa," Mr Baumfield said.
Mr Zulu assured the company of continued support by the Government and local people to ensure the mine yielded desired benefits.
"The Zambian Government is a listening Government and will always do that which benefits both the people and the investor.
"The foreign policy of Zambia is now premised on economic diplomacy and this investment is worth having in our country," Mr Zulu said.
He said the Government would play its part and ensure that the Kitumba project was a success as Zambians needed the jobs while the Government would rake in more taxes.
"As a preferred investment destination, the Ministry of Foreign Affairs and other line ministries are always keen to see that Zambia remains among the top desired investment and trade destinations in Africa and the world," Mr Zulu said.

Source : allafrica.com
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