The Chief Executive Officer of Zambia Chamber of Mines (ZCM), Sokwani Chilembo, has revealed that the country’s mining sector recorded an unprecedented US$3.4 billion in investment commitments in 2023 alone, which trumped the US$1.7 billion that was pledged last year.
In a statement on Monday in Lusaka, Chilembo revealed that from 2021 to 2023, a cumulative total of close to US$1 billion of capital expenditure had already been spent on turning existing operations around.
He noted that statistics from the ZCM showed that the performance of the mining industry in 2023 was an achievement that should be celebrated.
“It has been a very good year, both in terms of investment commitments and progress on the ground,” the CEO said.
He further highlighted some of the mining investments and pledges which took place during this year, starting with announcement by China Nonferrous Mining Corporation (CNMC) of a US$1.3 billion investment into its various operations in the country.
“This includes an investment of $200 million dollars into the Kasamba open cast mine in Lufwanyama District, which will supply Sinoleach’s operations in Chambishi.
“This investment will see Sinoleach almost doubling their production to around 20,000 tonnes of contained copper per annum,” Chilembo said.
He added that a $500 million investment in expanding operations at the NFCA Mine in Chambishi was expected to bring on board an additional 30,000 metric tonnes of copper per annum.
Chilembo also revealed the commitment by Barrick Lumwana to invest $2 billion into a new greenfield operation in North-western Province, called Kamisengo, would see an expected production of around 110,000 tonnes of copper each year.
“And, there is the very historic reactivation of Shaft 28 at Luanshya, where US$100 million will be spent on dewatering alone.
“On completion of the dewatering there will be an additional underground investment of approximately US$500 million, which will move Luanshya from its current 40,000-tonnes-per-annum production levels, to about 70,000 tonnes,” he added.