Copper Deposits Discovered In Karonga

Karonga district is still in limelight as one of the mineral deposit rich sites in the country following the just confirmation of copper being another precious mineral found in the biarder district after uranium and coal.

The African Minerals and Energy Holdings Limited, a Malawian-based exploration and mining firm, has confirmed the discovery of copper deposits at Bundi in the district.

The firm says it plans to embark on large-scale copper mining and processing.

In a statement, African Minerals founder and managing director Lumbani Mbale said the discovery will deliver significant financial benefits to the company and the economy, at a time mining contribution to gross domestic product is at less than one percent.

The copper deposits have been discovered 60 kilometres from Karonga central business district.

“We can now confirm we have discovered a sizeable vein of a deposit of high grade copper ore in the Nyika Plateau 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 finalise environmental and social impact studies and seek government’s approval to start mining. All we have now is an exploration licence, which government granted us recently.” Mbale said.

He further revealed that the company will now embark on detailed drilling in the area to explore further deposits.

He then acknowledged that the Extractive Industry Transparency Initiative 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,” he said.

The statement also stated that the company intends to process the mineral and export it as a finished product to generate foreign exchange and create jobs.

To achieve this, the company said it will need support from the Malawi Government and the local community.

Commenting on the current progress of the extractive industry in the country, President Lazarus Chakwera said the country’s mineral wealth can transform the whole economy if properly managed.

He said the Malawi Government has issued over 250 mining licences, but expressed concern that the country has no proper mining industry or returns to ably contribute it’ss s fragile economy.

The current price of copper at the London Metal Exchange is around $8 500 (about K7 million) per tonne.

African Minerals was founded in 2017 and has mineral tenements in Nthalire (coal), Lufira (coal), Mpata (coal) and Bundi (copper and limestone), covering approximately 300 square kilometres.

The firm has controlling interests in African Energy and Power Limited (60 percent), African Rail Corporation (25 percent) and African Minerals and Energy Limited in Zambia.