CHINFMINING (01258) announced that to ensure the sustainable development of its subsidiary CNMC Luanshya Copper Mines Limited (CNMC Luanshya) and extend the service life of its copper mine, CNMC Luanshya has recently initiated investment and construction for the Luanshya New Mine Project. This project includes the Muliashi Open Pit and Mashiaba Ore Block mining project, as well as the No. 28 Shaft Sulfide Ore Resource Development Project.

The Muliashi Open Pit and Mashiaba Ore Block mining project has a construction period of two years, with a planned total mine life of 17 years. Upon completion and full production, the project will achieve an annual ore processing capacity of 800,000 tons, producing approximately 12,000 tons of copper in copper concentrate per year. The total planned investment for this project is approximately $150 million.

The No. 28 Shaft Sulfide Ore Resource Development Project has a construction period of four years and a planned total mine life of 17 years. Once operational, it will have an annual ore mining capacity of 2.2 million tons, yielding around 43,000 tons of copper in copper concentrate annually. The total planned investment for this project is about $530 million.

The Luanshya New Mine Project is a key expansion and resource enhancement initiative for the company. Upon commissioning, it will generate substantial employment opportunities and contribute to Zambia's local economic growth. Additionally, it will enhance the supply of copper concentrate for the Chambishi Copper Smelter, delivering significant returns to shareholders.

Moving forward, the company will proceed with the project construction as planned, striving to accelerate its completion and commissioning.