China Non-Ferrous Metals Company CNMC Chairperson Wen Gang has announced that his company is set to bring in about 1.5 billion dollars investments in the mining sector in the country.
Mr. Gang said this decision was made following the engagements with President Hakainde Hichilema in China on the sidelines of the Forum on China-Africa Cooperation FOCAC Summit in September this year, coupled with the good investment environment that the country has.
He said of the investment, 650 million dollars will go towards the rehabilitation and expansion of Shaft 28 in Luanshya after completion of the dewatering exercise, while about 250 million dollars will go towards the development of Samba Mines in Samba area and 100 million dollars to the Lusaka South Economic Zone.
The Chairman also disclosed that so far about 29.39 cubic meters of water at shaft 28 has been removed and that the dewatering exercise should be completed by 2025.
Mr. Gang shared that the company is currently using high-tech equipment for the exercise which will help them to complete the exercise on time and that by 2026 copper should be mined from the area.
He has committed that the company will comply with the laid down laws and policies in their expansion plans and build capacity among the locals.
Meanwhile, President Hakainde Hichilema was delighted that his call for increased China investments in Zambia during the Forum on China-Africa Cooperation FOCAC summit in September this year has started to bear fruit as Chinese investors in the country such as the CNMC have responded with increased investment plans for the country.
President Hichilema has since encouraged the CNMC to increase investments in Capital, technology and infrastructure to enhance copper production and share best practices with the locals in terms of technological knowhow and working culture.
The Head of State highlighted that Zambia can only achieve economic growth through strategic investments aimed at increasing copper production and help meet the country’s three million tonnes copper production target.
He said investments with strategic partners such as CNMC will not only benefit Zambians with employment, but the global community as a whole with the increased copper production.
ZANIS reports that the Head of State has commended the CNMC for their resolve to support the country’s economic zones and the revamping of the Tanzania Zambia Railways TAZARA, which he said will greatly benefit the three countries involved in the partnership.
