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Over US$13.13bn invested in mines since Privatization

President Edgar Lungu has disclosed that since the privatization of the mines in 2000, approximately US$13.13 billion has been invested in the sector.

The President has also assured that his administration is committed to ensuring that a substantial amount of foreign direct investment remains in the country.

The Head of State said this in Kalulushi on the Copperbelt when he officially commissioned the Non Ferrous Corporation Africa mining (NFCA) – South-East Ore Body Project.

President Lungu says mining has for a long time been Zambia’s key economic sector accounting for much of the foreign direct investment.

“However, it is of great concern to note that despite showing a positive picture, the mining industry has not stimulated corresponding growth in other sectors”, the president noted.
He says this is mainly because mining has been taken as a mere source of government revenue, and not a development catalyst.

He is also confident that NFCA will not at any state compromise on safety and environmental standards.

President Lungu acknowledges that this mine is expected to boost the mine’s life span by about twenty four years and increase employment from the current 4,000 to 5,000.

He says he is reliably informed that NFCA has so far spent approximately US$529 million on this project saying this is the kind of investment Zambia needs.

And Mines Minister Richard Musukwa has called on the mining community to continue looking after their workers in terms of improved conditions of service.

Mr. Musukwa also states that Zambia has good mining policies and that is why the investors find it easy to invest in the country.

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