Australia-based Equinox Copper Ventures (ECV), owner of Zambia's largest undeveloped Lumwana copper mine in the country's Northwestern province, is expected to invest 640 million U.S. dollars for construction work next year, local media reported Saturday.

This will bring the total investment by the company in the country to 672 million dollars, Times of Zambia cited a company bulletin as saying.

ECV has already invested 32 million dollars in the mine for feasibility study, the paper said.

"Most of this money will be borrowed from a number of banks. So from 1999 to 2007, ECV's total investment in Zambia is expected to be 2,220 billion kwacha (672 million dollars)," the company said in the bulletin.

"From 2007 to 2015, ECV will repay the eight banks the money lent for this massive debt," it added.

The development of the Lumwana copper project would result in creation of over 2,500 jobs during the construction phase and employment of over 1,000 permanent mine workers, majority of whom are locals, according to the paper.

Source: Xinhua