A Chinese mining giant, China Nonferrous Metal Mining Company (CNMC), has announced the investment of over $1.6 billion in Zambia, following successful discussions with President Hakainde Hichilema at the State House on Tuesday.
CNMC Chairman and Chief Executive Officer, Wen Gang, who held the discussions with Hichilema along with the Chinese Ambassador to Zambia, Han Jing, confirmed the company’s commitment to furthering Zambia’s economic development.
“We are actively investing in critical sectors of Zambia’s economy,” Gang said after the meeting.
He noted that CNMC was currently pumping water from Shaft 28 at Luanshya Copper Mine, where 29.9 million cubic liters have been cleared as part of intensified dewatering efforts, adding that the company plans to inject an additional $200 million to develop a greenfield mine on the Copperbelt.
President Hichilema who welcomed CNMC’s commitment, highlighted the potential economic impact of the firm’s investment which will include job opportunities for Zambians.
“This $1.6billion investment, alongside advanced technology and expansion, will extend operations and create more jobs and opportunities for Zambians, especially in mining contracting and supply,” the President said.
He also expressed gratitude to Chinese President Xi Jinping and the Chinese government for their shared commitment to fostering growth and cooperation between the two countries.
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