Zambia Chamber of Mines salutes First Quantum Minerals Plans to double investment

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Zambia Chamber of Mines salutes First Quantum Minerals Plans to double investment
Zambia Chamber of Mines salutes First Quantum Minerals Plans to double investment

Africa-Press – Zambia. The Zambia Chamber of Mines has saluted First Quantum Minerals (FQM)’s plan to double its investment by adding $1.3 billion in its Kansanshi Mine in the North Western Province for the next 20 years.

On the first day of the 2022 African Mining Indaba in Cape Town, South Africa, FQM Chief Executive Officer Tristan Pascall announced that plans have reached an advanced stage by his company to double its investment by adding 1.3 billion United States Dollars in its Kansanshi Mine.

Mr. Pascall said this follows the assurance and stance taken by the new dawn administration to create an enabling investment environment for investors in Zambia’s mining sector.

Reacting to Mr. Pascall’s announcement, the Chamber of Mines said the dual investments announced today by First Quantum Minerals Ltd, totaling $ 1.35 billion, will have a transformative effect on the mining industry and the wider economy.

FQM says it has also approved a final investment of $100 million, on top of $150 million already spent, to get its Enterprise nickel mine into production within 12 months.

Accordingly to analysts, the announcement provided an exciting start to the African Mining Indaba – the continent’s premier mining event held annually in Cape Town – which kicked off this morning, and has seen Zambia take centre stage so far. Chamber of Mines Chief Executive Sokwani Chilembo said the two investments are game changing for Zambia.

“Firstly, the investment secures an ever-brighter future for Kansanshi and the copper industry in Northwestern province, and establishes a whole new level of excellence there with the advent of Enterprise as a global top 10 nickel mine. Secondly, this is not just a success for First Quantum and the Government; it’s a massive success for Zambian businesses and Zambian jobs. The multiplier of mining means this is likely to translate into tens of thousands of jobs created throughout the economy. This is just what we need to help dig the economy out of the hole it is in,” Mr. Chilembo said.

“Thirdly, what we have seen today is an extraordinary and welcome example of the Government and its private sector partners working in close co-ordination to deliver the maximum possible benefit for the country. I haven’t had much to smile about since I became Chief Executive of the Chamber, but today I’m smiling,” he said.

The four days 2022 Investing in African Mining Indaba opened in Cape Town, South Africa with a call for African countries to work together towards harnessing the potential that lies in the continent’s mining sector.

Meanwhile, the Kansanshi copper-gold mine near Solwezi, in the North Western Province of Zambia has been FQM’s flagship operation since 2005. According to the FQM website, from its two open pits, the Kansanshi copper-gold mine produces more copper than any other mine in Africa.

FQM has installed several expansions, and the operation is now capable of producing 340,000 tonnes of copper and more than 120,000 ounces of gold per year.

Kansanshi employs more than 13,000 people, primarily Zambians, and utilises state-of-the-art technology to extract copper and gold from three different ore types, with world-class efficiency. The Kansanshi mine is owned and operated by Kansanshi Mining PLC, which is 80 per cent owned by First Quantum.

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