- The President emphasized that several investments made in the mining industry are already paying off.
- He announced that First Quantum Minerals (FQM) has invested US$100 million in Enterprise Nickel Mine -Africa’s largest nickel producer.
- First Quantum Minerals is also investing over US$1 billion to expand the Kansanshi mine and smelter in S3, which is helping to improve downstream beneficiation.
- He indicated that Moxico Resources began production at its Mimbula Mining project in March 2023, and during the first nine months of operation, the project produced 6,000 tons of copper.
- The President noted that Kobold Metals, which uses Pioneering Artificial Intelligence, AI technology, has made significant progress in defining the orebody at its Mingomba project, following a $150 million investment in 2022.
- He further noted that Barrick Gold Corporation has doubled down on its commitment with a $2 billion investment to expand its Lumwana Mine into a ‘super-pit’, capable of producing 240,000 tons of copper per year when it comes online in 2028.
- China Non-Ferrous Mining Corporation has pledged US$1.3 billion investment over the next five years for its various operations in Zambia, including US$600 million reopening of shaft 28 at the Luanshya copper Mines, on the Copperbelt.
- The President reiterated government’s commitment to making Zambia a reliable investment partner of choice on the African continent.
- He indicated that the New Dawn Administration has made substantial progress in resolving issues around Mopani Mine and Konkola Copper Mines.
- Government is grateful to International Resource Holding and Vedanta Resources, for the combined US$2.3 billion investment they have committed to providing, in order to fulfill the potential of these two national assets
- Government has made significant efforts to support the Gemstone Sector and, in particular, Emeralds, where Zambia has become the world’s largest producer of this precious stone.
- He encouraged diversification through mineral exploration exercise so as to confirm resources in rare earths, lithium, gold, manganese, graphite, Sugilite, and diamonds.
- Energy and Transport Sector
- He indicated that the Government is working with local and international partners to boost Zambia’s energy and transport infrastructure, which will help to support the country’s bold mining ambitions.
These projects include:
The US$2.2 billion Kafue Gorge Lower Power Station; the UK- Zambia Green Growth Compact, opening up US$3 billion in private sector and government funding for renewable energy projects across Zambia.
The Copperbelt Energy Company US$200 million Green Bond issued – to finance solar, wind and other renewable energy in Zambia.
- He also noted that the Government has opened up the energy market to private sector players through the open access regime and facilitated off-taker guarantee financing, allowing mining companies to finance captive power to fuel their expansion projects.
- Government has further lined up infrastructure projects like the Zambia – Lobito rail line and the upgrading of TAZARA railway line to provide a smoother route to markets for mining operations based in, Zambia.
- The President has since called for investment partnerships to power a new, green, African future: helping the world to meet its climate targets and usher in a new era of industrialisation for Africa, and the global community.
