In a notable development following their recent meeting in Beijing, China, Zambia welcomed China Nonferrous Metal Mining Group Corporation (CNMC) Chairman, Mr. Xi Zhengping, for a follow-up meeting this afternoon. This encounter resulted in a major investment commitment that demonstrates CNMC’s confidence in Zambia’s economic potential.
Mr. Zhengping unveiled a substantial cash injection of US$1.3 billion over the next five years. This impressive investment encompasses $600 million allocated for Shaft 28 of Luanshya Copper Mine and various CSR programs. These strategic investments are projected to generate around 1,500 direct job opportunities.
This move by CNMC reflects their strong belief in Zambia’s economic management and the government’s forward-looking vision for the nation. Furthermore, it underscores the fruitful partnership between Zambia and the People’s Republic of China, now elevated to a Comprehensive Strategic and Cooperative Partnership.
The announcement has ignited high hopes among the residents of the Copperbelt region, who eagerly anticipate the positive transformation this investment will bring to their communities. Zambia remains committed to unlocking its mining potential incrementally, with the ultimate objective of reaching an impressive copper output target of 3 million metric tonnes annually.
CNMC’s substantial investment signals a pivotal moment for Zambia’s mining sector and its broader economic aspirations, marking a significant step toward achieving its ambitious goals.