EMR Capital completed the previously announced US$97.1 million acquisition of an 80% stake in the Lubambe copper joint venture in Zambia from African Rainbow Minerals Ltd. and Vale SA, The Australian Financial Review reported Dec. 28.

Vale and African Rainbow owned 40% interest each in the mine, while the remaining 20% stake is held by state-owned ZCCM Investments Holdings Plc.

EMR plans to optimize operations and ramp up annual production at the mine, the report added.

The mine currently produces nearly 20,000 tonnes of copper concentrate per year.