JCHX proposed to, by establishing a new wholly-owned subsidiary overseas, acquire 80% of the equity interest in Lubambe Copper Mine Limited (“LCML”) for USD 1.00 and acquire the creditor’s right arising from the USD 857,000,000.00 loan provided by Lubambe Copper Holdings Limited (“LCHL”) to LCML for USD 1.00 (“the Transaction”). Upon successful completion of the Transaction, JCHX will own 80% of equity interest in Lubambe Copper Mine, marking another solid step made in mining resources investment and demonstrating its growing influence in the global mining market.

Lubambe Copper Mine, situated at Chililabombwe, Copperbelt Province of Zambia,  is the core asset of LCML of significant strategic and resource values due to its substantial reserves. As of September 30, 2023, its resources volume (measured + indicated + inferred) reached 86.6 million tons (copper grade at 1.95% and CuAS grade at 0.35%). JCHX has been committed to playing a leading role in designing, building and operating safe, green, and smart mines since its establishment. This acquisition deepens its cooperation with global mining companies, lays a solid foundation for its international development, and manifests the contribution of Chinese mining companies to the development of the copper mining industry in Zambia and even in the world.