World News | Zambia Welcomes Canadian Mining Firm's 1.25 Bln USD Investment to Expand Production

Lusaka [Zimbabwe], May 9 (ANI/Xinhua): Zambia on Monday welcomed the decision by Canadian mining giant, First Quantum Minerals (FQM) Limited, to invest an additional USD 1.25 billion in its operations in Zambia, a government agency has said.

The Zambia Consolidated Copper Mines-Investment Holdings (ZCCM-IH), an entity that holds shares in all mining firms on behalf of the government, said the additional investment will lead to renewed vibrancy in the mining sector.

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"We are pleased to partner with FQM in a manner that will build the economy and create jobs for inclusive growth in our country," Dolika Banda, the ZCCM-IH Board Chairperson said in a release.

This should demonstrate to the investment world that Zambia is open for business, she added.

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The Canadian miner said the new investment, which was part of its expansion drive for its Kansanshi mine in northwestern Zambia, will extend the life of the mine until the 2040s. It will also increase copper and gold production by about 25 per cent.

The expansion project will include expanding the existing sulfide processing capacity, additional concentrator capacity as well as the construction of an overland conveyor to transfer crushed ore, among other works.ZCCM-IH has a 20 per cent shareholding in the Kansanshi mine.

Meanwhile, Zambian President Hakainde Hichilema has called for deliberate steps to ensure sustainable development and management of mineral resources in Africa.

In remarks delivered at the ongoing Mining Indaba Conference in South Africa, the Zambian president said it was time for Africa to not only focus on producing raw materials but maximizing the mineral potential to create opportunities for people. (ANI/Xinhua)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)