China to Invest Over $1.5 Billion in Zambian Mines
China Non-Ferrous Metals Company (CNMC) Chairperson Wen Gang has announced plans to invest approximately $1.5 billion in Zambia's mining sector, reinforcing the country's reputation as an attractive destination for foreign direct investment.
Breakdown of the Investment
The substantial investment includes:
$650 million for the rehabilitation and expansion of Shaft 28 in Luanshya, following the completion of its dewatering project.
$250 million for the development of the Samba Mines in the Samba region.
$100 million allocated to projects within the Lusaka South Economic Zone.
A Fruitful Outcome of Zambia-China Engagements
The announcement follows productive discussions between President Hakainde Hichilema and Chinese officials during the Forum on China-Africa Cooperation (FOCAC) Summit in September. President Hichilema praised the commitment of CNMC and other Chinese investors, highlighting how these investments align with Zambia's economic development objectives.
Strategic Goals for Zambia's Copper Industry
President Hichilema emphasized the need for increased Chinese investment in capital, technology, and infrastructure to enhance copper production. He underscored the importance of knowledge transfer, urging Chinese firms to share technological expertise and best practices with Zambian workers.
The President reaffirmed Zambia's goal of achieving a three million tonnes copper production target, describing strategic investments in the mining sector as pivotal to the country's economic growth.
Additional Commitments
CNMC's efforts extend beyond mining. The company has pledged support for:
Enhancing Zambia's economic zones.
Revamping the Tanzania Zambia Railways (TAZARA) to benefit regional economic cooperation between Tanzania, Zambia, and China.
This substantial investment reflects the deepening ties between Zambia and China, showcasing the role of targeted foreign investment in advancing Zambia's economic transformation.
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