A Chinese company has committed to investing about $1.5bn in Zambia's mining industry, the Lusaka Times reports.
China Non-Ferrous Metals Company (CNMC) chairman Wen Gang, the publication wrote on November 13, said the company took the investment decision following discussions with the southern African nation's president in September.
In addition to that discussion during the Forum on China-Africa Cooperation (FOCAC) summit in Beijing, Zambia's good investment environment also attracted CNMC to Africa's number two biggest copper producer, he said.
Among other investments, the company plans to spend $650mn in rehabilitating and expanding Luanshya Copper Mine and $250mn to develop Samba Copper Mine, both in the country's Copperbelt region. CNMC will also invest $100mn in an economic zone in the capital, Lusaka, Wen said.
Lusaka Times cited President Hakainde Hichilema expressing satisfaction that his call at the FOCAC for more Chinese investment into his country is bearing fruit and urging CNMC to increase its investments in technology and infrastructure to enhance national copper output.
Zambia has a target to boost production of the metal from about 698,000 tonnes in 2023 to 3mn tonnes in the next decade.
Related Articles
Ghana’s banking sector faces mounting global scrutiny amid rising internal fraud
Ghana’s banking sector is facing intensifying scrutiny on the international stage as fraudulent activity continues to surge, with 155 employees dismissed in 2024 for their involvement in financial ... more
Chinese coffee delegation to tour Uganda amid soaring exports
A Chinese coffee industry delegation will visit Uganda later this month for a national origin tour, Uganda’s Ambassador to China, Oliver Wonekha, announced on May 3 during the 137th China Import ... more
Scatec starts building 1.1GW solar project and battery storage system in Egypt
Norwegian renewable energy company Scatec has started constructing the 1.1 GW Obelisk solar project in Egypt and a 100 MW/200 MWh battery energy storage system, the company said in ... more