Chinese Mining Firm To Invest 2bn Dollars in Zambian Mines

Text of report by state-owned national newspaper Zambia Daily Mail website on 17 September

[Unattributed report: "Chinese Firm To Invest $2bn"]

A Chinese mining company plans to invest $2 billion in new mines and set up a town in North western province making this the biggest investment by a private company in Zambia’s history.

Zhonghui Mining Industry Zambia Limited plans to open new mines in Luapula and North Western Provinces, complete with a hydropower station and water supply system.

Company president, Charles Shi said the firm also plans to set up a new city in the North-Western Province.

He however appealed to government for a prospecting licence before embarking on the project.

Mr Shi was speaking at the headquarters of Zhonghui International Mining Group in Beijing when he met Minister of Commerce, Trade and Industry, Felix Mutati last week.

Mr Mutati said government would consider the proposed project by the Chinese company after studying it in detail.

The major Chinese mining company, is expected to be established on the Copperbelt.

Meanwhile, the Chinese delegation comprising officials from the Export-Import Bank of China (Exim) and Zhonghui mining group, called on Vice President, Rupiah Banda at his office.

Mr Banda said government was happy with the coming of Zhonghui Guohua Industrial Group Company Limited.

He said Zambia and China have for a long time shared warm relations, and called for strengthening of the bilateral ties.

The Vice President said the coming of the new mining company emanates from a visit by late President Levy Mwanawasa to China and the reciprocal visit of Chinese President Hu Jintao last year.

And Exim bank Executive vice president, Liu Liange said China’s cooperation with Zambia and the African continent was based on mutual friendship.

Originally published by Zambia Daily Mail website, Lusaka, in English 17 Sep 08.

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