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CNMC to invest US$1.3bn

China Non-ferrous Mining Corporation (CNMC) has pledged US$1.3 billion investment for the next five years to cater for its various operations in mining, science and education technology.

CNMC group chairperson Xi Zhengping yesterday told President Hakainde Hichilema that by the end of 2025, half of the US$1.3 billion investment would have been completed and the Chambeshi Copper Mines would also receive US$450 million.

He said there were plans to reopen shaft 28 at the Luanshya Copper Mine with an investment of US$600 million while about US$200 million would be invested in Sino Metals and a warehouse project.

Mr. Xi Zhengping who was on a three-day visit to Zambia said just like Zambians, his company had confidence in the Government to attract investment and improve the people’s lives. He said his company was also ready to assist Zambia in mineral explorations and greenfields using its expertise in geological explorations.

“Zambia is also endowed with other mineral resources such as lithium, manganese, zinc and other resources, so we are willing to do more work on this as well,” he said.

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