Govt urges FQM to fulfill K1.5 bn smelter plan

Fri, 07 Apr 2017 09:54:35 +0000

 BY MAILESI BANDA

 GOVERNMENT has urged First Quantum Minerals (FQM) to follow through with its planned US$1.5 billion investment to expand its processing and smelting capacity.

Minister of Mines and Minerals Development, Christopher Yaluma, said   the company was operating on a stable policy environment.

He said Government would put in place measures to make the mining sector investor friendly.

“We maintain a close and regular dialogue with the Zambia Chamber of Mines; as new policies emerge we must sit-down and discuss them with the chamber so that we don’t introduce measures which inadvertently damage the industry,’’ he said.

He said FQM needed to double the capacity of its copper sulphide concentrator plant in the next five years in order to maintain current production levels as the proportion of copper oxide dropped off.

He said the plant expansion would require investment in additional smelting capacity and would extend the life of the mine.

And the minister underscored the important role First Quantum Minerals played in the collection of revenue through tax and the growth of the Zambian economy.

He said the pivotal role of the company in the nation’s economy was one that could not be ignored.

He said FQM was one of the biggest tax payers in the country and was contributing to economic growth.

“First Quantum is the biggest taxpayer and we recognize that, and we have got to appre-ciate what they are doing to contribute to this country’s economy. We hope that they will be here to stay, extend the smelter as well as extend the life of the mine so that we can see their participation in mining stretching for some years to come,’’ Mr Yaluma said.