China Non-Ferrous Metals Company plans to invest $1.5bn in two Zambian copper mines

By bne IntelliNews November 13, 2024

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.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Vitol expands African oil and gas footprint with $1.65bn Eni deal

Vitol, the largest independent energy trader in the world, has agreed to acquire stakes in key oil and gas assets owned by Italian oil supermajor Eni in Côte d’Ivoire and the Republic of ... more

French billionaire Bolloré faces money laundering complaint over African port deals

African civil society groups have filed a legal complaint in France against billionaire Vincent Bolloré, his son Cyrille, and the Bolloré Group, accusing them of money laundering and concealing ... more

Mali’s gold production plunges as Ivory Coast eyes record output

Mali’s industrial gold production fell 23% to 51 tonnes in 2024, marking a sharp decline from 66.5 tonnes in 2023, the country’s Mines Ministry said, as tensions between the government and ... more

Follow Us On

Most Read

  1. Serbian police reportedly use sonic cannon against protesters
    3 days ago
  2. RAGOZIN: What did we die for?
    6 days ago
  3. Economic warfare and the rise of Russia's shadow finance
    5 days ago
  4. The EU removes three Russian oligarchs from the latest sanctions list under pressure from Hungary
    5 days ago
  5. Tensions rise over peace treaty talks between Azerbaijan and Armenia
    2 days ago
  1. Ukraine doesn't have any rare earth metals, and the strategic minerals it does have are not worth trillions of dollars
    24 days ago
  2. US administration 'misinformed about Romanian elections', says presidential candidate Nicusor Dan
    24 days ago
  3. Putin says sanctions have strengthened, not weakened, Russian economy
    26 days ago
  4. Fresh evidence suggests that the April 2022 Istanbul peace deal to end the war in Ukraine was stillborn
    11 months ago
  5. Kaliningrad becomes an energy island after Baltic States cut Russian grid connection
    1 month ago

Reports

Dismiss