Laxyo Ltd Enters African Mining Market with $23M Contract in Zambia
Laxyo Ltd has secured a $23 million raise-boring contract at Mopani Copper Mines in Zambia, marking its entry into the African underground mining sector. This project highlights Laxyo's strategy to expand internationally as they prepare for an IPO.
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Laxyo Ltd has signed a $23 million contract for raise-boring services at Zambia's Mopani Copper Mines, which comprises 12.6% of its order book. This project will be executed by its subsidiary, Laxyo Evapeta Zambia Ltd, and is a significant step in Laxyo's strategy to expand its operations beyond India.
The company has previously established a presence in Africa through its operations and maintenance business, particularly in Zambia and South Africa. The Indian raise-boring market is projected to grow significantly, prompting Laxyo to seek opportunities abroad amidst rising demand for specialized contractors as Zambia aims to increase copper production by 2031. As investment in underground mining accelerates, Laxyo's foothold in Zambia may lead to further growth opportunities in the region, where competition includes established firms like Master Drilling Group and Redpath Mining.
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