China Non-Ferrous Metals Company CNMC Chairperson Wen Gang has announced that his company is set to bring in about 1.5 billion dollars investment 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.
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.
ZANIS reported 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.
Mining Mining ?? Why not tell investors there are ONLY oppurtunities in Agriculture, Forestry, Tourism and power generation
That would be far more benificial to zambia in the long run
HH seems to believe our power generation is adequate, this loadshedding is atleast a couple of years away from normality
Zambia is a mining country, the faster we stop denying it, the better for the economy. You ever see Saudi’s refuse that they are an oil nation?
What is HH doing in that picture? The same thing he did when he was in Israel and dumped his seventh day adventism for Jewishness?
Mr. HH please add condition that Mr GANG- ster brings atleast 2 Cold Boxes, its tax free, Zambians love to follow those big cargos. It’s all they need from mines, is to gather along roads.
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Chinese money is sweet
Most of the proceeds from the mines are externalised by these so called investors leaving only crumbs for statutory obligations and wages in the country. And with such policies, which can country can ever develop, this leaves the country hanging in distress under the sun. Even If production moves to 3 million tonnes, what will improve are just the crumbs and statutory obligations and not the country. And politicians even boast that we have the best investment climate
The thought that investors are here solely for for our benifit is misguided
Sweet things eventually turn bitter
FDI is far much better than Aid. As such, this is a welcome move. WHat do we need to do? we need to come up with policies, laws and strategies that will ensure we benefit from this. How do we do it? Get more shareholding so that we benefit from taxes and dividends. How will we actualize this? Make sure you have a team of Zambians and friends of Zambia who understand investment, taxation and employment creation. Are they available? Yes
I don’t know how anyone objective can nit agree with your comments. You are spot on, unfortunately we have a population that is ever so short on logic and objectiveness.
By what means will the $1.5bln investment be measured and what inducements have been granted to the investor as regards tax? How will the GRZ collect equitable tax? Will the Chinese investors pay local taxes (equivalent to rates according to the footprint of the mine), will they observe emissions and pollution regulations and obey ECZ (or its successor)?
The mines will be the mainstay of Zambian economics for atleast the next 25 years………
That means the supplies to the mines will be a major employer, unfortunately this is not in Zambia……….
We Zambians are happy to be middle men………..even celebrating being given more supply contracts for the mines, while the countries producing those goods are benefiting with massive employment in manufacturing………
I still can’t belive 80 to 90% of none marchinary supplies to the mines are imported, what a shame……..
Forwadee 2031…..
Pls stop this 2031 !! :)) :))
In 2025 I am going to stand in my area even if I get 50 votes i will be happy as it will mean 50 less for HH
@TikkiHmmmm..
@Tikki
Hmmm…. what made you turn against HH? 🙂
Is it because he did not fire ZESCO management ?
Since 1964, Zambia`s copper production has fluctuated. For example, copper output in 1969 peaked at 750k tons with population of 3mil. By 2023, Zambia produced 698k tons of copper with population of 20mil.
On average, since independence, has been producing around 700k tons.
For the first time you have a leader in HH, putting forward a vision to strive for 3 mil tons by 2032, so as to become the second largest producer in the world.
HH has a vision, not the misinformation being spread by PF and its minions that HH is selling the mines. The current forecasts is 1 mil tons reached by 2026, being the first reaching such high production level.
Do you really think you can achieve 3mil tons with just Zambian capital investments? Just think about it, and make your own honest assessment.
Some few years ago the Pfools why blaming hh for going to the west and not to china. Now that he has shamed the devil by going to china as a chief negotiator and results are showing fruits. The cry is different
Are you getting scared because of Anglo? China is an all-time friend no doubt.
As long as royalties are paid at the correct rate (10%) and it is fully and transparently audited for all to see in the future