• The investment will lead to renewed vibrancy in the mining sector.
• ZCCM-IH is pleased to partner with FQM in a manner that will build the economy.
• This should demonstrate to the investment world that Zambia is open for business.
ZCCM Investments Holdings (ZCCM-IH) says First Quantum Minerals (FQM)’s approved US$1.25 billion investment in the Kansanshi mine S3 expansion project will lead to renewed vibrancy in the mining sector.
In a statement, ZCCM-IH Board Chairperson Dolika Banda said the firm is pleased to partner with FQM in a manner that will build the economy and create jobs for inclusive growth in the country.
Ms. Banda stated that this should demonstrate to the investment world that Zambia is open for business.
“We are elated with this announcement as it will lead to renewed vibrancy in the mining sector. We are pleased to partner with FQM in a manner that will build the economy and create jobs for inclusive growth in our country,” Ms. Banda said.
Yesterday, First Quantum Minerals announced that it has approved plans to invest US$1.25 billion in its long-awaited expansion of Kansanshi’s operations in Solwezi, known as the ‘S3’ project and a final US$100 million to start its $250 million Enterprise nickel project in Kalumbila district, North-western province.
First Quantum’s representative, Dr Godwin Beene, said the mining company has always been deeply committed to Zambia, with 78% of its annual global financial contributions paid over in Zambia, but that recent years had been characterized by an unhealthy stalemate.
“These investments have been waiting in the wings for years now, and it is deeply gratifying to me that, through these two major projects, First Quantum is committing itself to a long and bright future in Zambia, to the benefit of the company and the nation jointly.”
“The Government deserves a great deal of credit for the approach they have taken since this administration commenced last year. They want to see a radical improvement in the size and scale of the industry over the next decade, confident in the belief that when mining does well, so does Zambia. These things do take time to come to fruition, but it does feel today like we are entering into a new and better future for the industry,” Dr. Beene stated.
And Mines Minister Paul Kabuswe said government is extremely positive that this phenomenal investment will translate into tangible benefits for Zambians in terms of jobs and participation in the supply value chain.
The project will extend the life of the mine until the 2040s, increase copper and gold production by around 25%, add approximately 800 permanent jobs, and a further 1,800 during the construction phase.