By NATION REPORTER
ZAMBIA has recorded about US$3.4 billion investment commitments in 2023, Zambia Chamber of Mines Chief Executive Officer Sokwani Chilembo, has said.
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The Mining for Zambia report, Mr Chilembo said, Zambia recorded about US$1.7 billion investment in 2022.
He said 2023 has been a very good year, both in terms of investment commitments and progress on the ground.
Mr Chilembo said from 2021 to 2023, a cumulative total of close to US$1 billion of capital expenditure has already been spent on turning around existing operations.
“We are essentially two years into a new approach to mining in Zambia, one that prioritises the long-term growth of the industry, knowing that it is the engine for our country’s future development, and it’s been very heartening to see several exciting mining projects coming to the fore.
It is vital that we continue along this path, and that our actions – in terms of the laws and regulations we put in place – are consistent with our message, that we want a flourishing mining industry.
This is what investors want to see, that we are consistent, and can hold our course towards attaining our strategy of radically increasing mining production by 2030. If we create a stable and conducive environment, the investment will come,” Mr Chilembo said.
He said “First, we had the 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 US$200 million into the Kasamba open cast mine in Lufwanyama, 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.
Mr Chilembo said about US$500 million investment in expanding operations at the NFCA Mine in Chambishi was announced, which will bring on board an additional 30, 000 metric tonnes of copper per annum.
He said the asset the mine will be developing has some strong cobalt traces, so this investment will reestablish cobalt production at Chambishi Mine.
“Chambishi copper smelter will also significantly expand its capacity to keep pace with the increase in copper ore arriving at its operations,” Mr Chilembo said.
He said in addition, Barrick Lumwana has committed to investing US$2 billion into a new greenfield operation in North-Western Province, called Kamisengo, this is expected to produce around 110, 000 tonnes of copper each year.
Mr Chilembo said there is the very historic reactivation of Shaft 28 at Luanshya, where US$100 million will be spent on dewatering alone.
He said 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.
“The reactivation of Shaft 28 is also very welcome because it will be coming on-stream to replace Luanshya’s Baluba shaft, which is being decommissioned. That’s a very big win. I think if we can see Shaft 28 producing again, it may not be the only old shaft on the old Copperbelt that can come back to life,” Mr Chilembo said.
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