By John Chola
China Nonferrous Metal Mining Group Corporation (CNMC) Chairman, Xi Zhengping has announced a cash injection of US$1.3billion in Zambia over the next five years in mining and value addition.
This came to light Tuesday September 26, when Mr Zhengping and his entourage held a meeting with President Hakainde Hichilema at State House.
This has been a follow up meeting barely 12 days after the two parties held talks in China during Mr Hichilema’s official visit to that country.
President Hichilema said: “It is a testament to the seriousness of CNMC as investors, that Mr Zhengping announced a cash injection of US$1.3 billion over the next five years in mining and value addition.”
The US$1.3 billion announced includes a US$600 million for to be sank into Shaft 28 of Luanshya Copper Mine and towards several corporate social responsibility activities.
President Hichilema is confident this added investment should see the creation of 1,500 direct jobs.
“We welcome this very positive move which is a vote of confidence in our stewardship of the economy and our government’s vision for Zambia,” added President Hichilema.
He noted that the upgraded relations with the people’s Republic of China to Comprehensive Strategic and Cooperative Partnership was already bearing fruit.
The President said there was a lot of expectation from the people of the Copperbelt and and his administration will not let you down.
“We are unlocking one mine at a time as we push to reach our target copper output of three million metric tonnes per annum,” the President reiterated.