The Zambia Development Agency (ZDA) has disclosed that a Chingola based firm is set to invest 41 million US Dollars in the processing of copper from the Black Mountain into Copper and cobalt.
Agency Board Chairman Fisho Mwale who recently led a team of ZDA members for a familiarization tour of the company, told Money FM News that Rudra Copper Limited intends to establish a fully integrated copper industry with little or no waste as the byproduct will be transformed into pavers and other construction related materials.
Mr. Mwale further disclosed that the company has so far invested over 10 million US Dollars whilst the remaining 31 million US Dollars will be invested over a period of 3 years.
He added that, “the company has so far employed 50 Zambians in the initial phase and is looking to employ over 200 people in the next 6 months when the company becomes fully operational.”
The Board Chairman noted that some of the people employed are ex-miners as the company looks to transfer skills and technology to locals.
He assured the company of ZDA’s support to help the company attain its strategic objectives as its success will have cascading positive social and economic impact on the Zambian people.
Mr. Mwale commended Rudra Copper Limited for their investment which will create sustainable jobs on the Copperbelt, further encouraging local suppliers and small scale miners to formalize their businesses to enable them tap into the unprecedented business opportunity.
Meanwhile, Rudra Managing Director Siddharth Patel disclosed that the company will also be sourcing the slag from mining companies across the country as well as local small scale miners known as Jerabos.
Mr. Patel explained that this will create ready market for the small scale miners whilst maintaining steady flow of copper concentrate to the mining companies.
He adds that, “the company will further be diversifying by investing into avocado production through an out grower scheme due to an increased demand for avocado oil on international markets.”