ZAMSORT, a Zambian mining company, stole the limelight at the just ended Mining Indaba in Cape Town after its growth story was shared, culminating into the appointment of chairman Mumena Mushinge as non-executive director of London-listed Arc Minerals.
His appointment was announced at the Indaba on Wednesday, an event that brought together mining executives and other stakeholders to discuss the lucrative business which is largely owned by foreign conglomerates.
Zamsort’s shareholders recently moved their shares to Arc Minerals to raise finances, leading to the appointment of Mushinge as a non-executive director of the growing mining company, formerly Ortac Resources.
Arc Minerals, according to a statement issued by Zamsort, is engaged in the identification, evaluation, acquisition and development of natural resource projects in Africa.
Zamsort, a company founded in 2002 and operates in North Western Province, currently has an exploration licence and a small-scale mining licence to its name.
Zamsort intends to invest $100 million in plant expansion soon to produce over 60, 000 tonnes per annum of copper and cobalt concentrates by 2021.
“…When you look at the share pricing after the announcement [of Mushinge’s appointment], it has slightly gone up,” he said.
Chisala disclosed plans to embark on new projects in the company’s large-scale prospecting areas never before discovered even by major conglomerates.
After the announcement of Mushinge’s appointment, finance minister Margaret Mwanakatwe and her mines counterpart Richard Musukwa, along with other government officials, congratulated the Zamsort chairman for being recognised as a valuable player in the country’s mining industry.
Other government officials who were on hand to congratulate Mushinge include State House spokesperson Amos Chanda, North Western Province minister Nathaniel Mubukwanu and Zambia’s High Commissioner to South Africa Emmanuel Mwamba.
During the launch of Arc Minerals in London last year, Musukwa insisted that the company should have Zambians on its board.