Chinese firm eyes US$3bn investment

Lusaka – Chinese diversified miner, Zhonghui Mining Group Limited, plans to open more operations in Zambia in addition to its copper interests in Mwinilunga near the border with Angola. Zhongui last year poured more than US$3.5 billion to start copper, coal, zinc, lead and aluminum operations in Mwinilunga. Presently the Shanghai-listed miner is working on concessions in the Copperbelt. President Rupiah Banda was this past week expected to open the Ichimpe Mine on the Copperbelt. The project is expected to gobble US$690 million when complete and employ more than 1 000 locals. Chinese firms have to date invested more than US$4 billion in Zambian mining operations in addition to another US$3 billion in agriculture, construction and the retail sector. A recent statement by President Banda read: “I am glad to note that Chinese investment in Zambia continues to grow particularly in the mining industry.” China Non Ferrous Metals Africa Corporation, one of the bigger firms mining in Zambia, and runs Luanshya Copper and Chambishi mines as well as a copper smelter. The total investment in plant and equipment is in excess of US$300 million.

May 2011
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