By Chalo Mvula
Malawian based exploration and mining company, African Minerals and Energy Holdings Ltd (African Energy) has confirmed its discovery of copper deposits at Bundi area in Karonga district, approximately 60km from Karonga Central Business District.
In a statement made available to us, African Minerals’ founder and Managing Director, Lumbani Mbale said the discovery will deliver significant financial benefits to the company and the economy at large. “We can now confirm we have discovered a sizeable vein of a deposit of high grade copper ore in the Nyika Plateau in the area of Chief Sanambi in Karonga district, after following some important geological information in the area. The development will make African Minerals the first company to open and operate a copper mine in Malawi once the operation starts”.
“We will in the meantime finalize environmental and social impact studies and seek government’s approval to start mining. All we have now is an Exploration License which government granted us recently”, Mbale said.
Mbale added that although the company has already spent a significant amount of money to discover the mineral, the company will now embark on detailed further drilling in the area to explore further deposits, which are said to occur westwards. The Extractive Industry Transparency Initiative (EITI) enjoins mining companies to be open and accountable in the management of oil, gas and mineral resources. “It is in this spirit that we disclose this important discovery for the entire nation to know. At African Minerals, we exist to promote responsible and transparent mining to enhance national development and maximize shareholder value” added Mbale.
The company intends to process the mineral locally and export it as a finished product to generate the much needed forex and create jobs in the country. Malawi has for a long time relied on its neighboring countries like Zambia for processed copper for use in the manufacturing industry.
Copper(Cu)is a soft, malleable, and ductile metal with very high thermal and electrical conductivity used in electrical cabling. The current price of copper on the London Metal Exchange (LME) is around $8500/Ton.
African Minerals was founded in 2017 by a Malawian born lawyer and businessman, Lumbani and his wife Ephridah Hawonga- Mbale, and has mineral tenements in Nthalire (coal), Lufira (coal), Mpata (coal) and Bundi (Copper and Limestone), covering approximately 300 Square Kilometers.
African Minerals also has significant controlling interests African Energy and Power Ltd (60%), African Rail Corporation (25%) and African Minerals & Energy Ltd in Zambia.
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