The new investor for Luanshya Copper Mines has pledged to create three thousand new jobs for local people.
China Non Ferrous Metals Mining Group Limited has also pledged to invest over $400 million in re-opening the Baluba Mine and developing the Milyashi project.
This came to light during the signing of the sale and purchase agreement at the Ministry of Finance in Lusaka.
The closed Luanshya Copper Mine has been sold to China Non Ferrous Metal Mining Group Limited at a cost of $50 million.
Finance Minister Situmbeko Musokotwane signed on behalf of Zambia, while Chinese Ambassador Li Quing Min signed on behalf of his government.
Other signitories were China Non-Ferrous Metals Mining Limited Vice President Xinghu Tao, Lawyer Charles Mukokweza signed for former major Shareholder ENYA Holdings BV while Conceptor Zulu signed for the Investigator General.
Speaking during the signing ceremony Dr. Musokotwane said the new strategic Equity Partner has agreed to increase ZCCM Investment Holdings shares from 15 percent to 20 percent.
He said it has also been agreed that all third party creditors will be paid from the sale proceeds.
Meanwhile, Mr. Xinghu said his firm is committed to upholding its corporate social responsibility through support to various sectors of society.
And Luanshya Member of Parliament, Simon Kachimba commended government and the new investor for quickly responding to the plight of the people of Luanshya six months after the closure of the mine.
[ZNBC]
Godd news but please refrain from corruption!!
The maths is simple. Increase the number 2 times the divide the salaries in half – Govt will be happy! Twapenga….these Chinese!
Could someone please tell the website showing the game. This is great news though.
Ze game is almost over Numbala 3
THATS GOOD NEWS BUT PLEASE CAN WE ENSURE THAT THE CHINESE FOLLOW THE LAID DOWN SAFETY AND MINING REGULATIONS AND PLEASE DONT GIVE OUR BROTHERS AND SISTERS SLAVE WAGES. THE MINE IS VERY VIABLE AND PROFITABLE. BA GOVT PLEASE ENFORCE LAWS ON THESE GUYS. AS I POST THIS MSG, A ZAMBIAN NATIONAL IS ON DEATH ROW KU CHINA FOR DRUG TRAFFICKING. BENA TABATUCHITA SPARE BUT IMWE MUNO NGA BAIKATA UTUBANTU TWABO NA COPPER WHICH IS AN ESPIONAGE CHARGE BALAFUMA SAME DAY SO PLEASE LETS MAKE SURE THAT THEY FOLLOW OUR LAWS OF THE LAND. FWEBENE NGAKUTI TWAKONKA AMAFUNDE YESU INGA ABA BAMWISA CHINSHI TETI BAYAKONKELE.BWEZANI AND SONS BOMBELENI PEFUNDE PANTU NIMWE TUKAKAKILAMO.
Good news ,these Chinese infestors,hope they will not be giving slave wages.They have a tendency of giving with one hand while the other hand grabs even more from you.Our leaders should not give them leeway to ill treat zambians.In their country these guys abide by their regulations but when they come here they want to behave funny.
Good news but let them know that we are not to be treated as puppets. Let them follow what they have signed concerning safety, renumarations and our cultural despline. Niether of us is a god but just equal human beings with different opportunities.
3000 is a big progress, but like the rest said the Zed gov must make sure these choncholi are not mistreating or brothers n sisters!!
Luanshya needs that uplift and Govt. should make sure, 24/7, that the Chinese adhere to terms of their contracts and offer employees decent wages.
My little green garden town. Hope it will get back the way it was. Hee! but knowing chinese, I wonder. Pantu nabebe tabaitemwa. They work and pay themselves like slaves. God be with us.
are we serious in Zambia, you mean we cant collectively raise $ 50 million dollars? these chinese chaps will recoup their money within 6 months.
It will be Chinaman all over Luanshya… that town used to be beautiful indeed… nothing will compare to ZCCM days in that town!!
We do hear of investor coming and going from Luanshya my home town. Since ZCCM had left the place nothing good has been done for the people of Luanshya. It is one story after the other. Wherever the new investor comes and after making the profit, they live the place with people suffering. I hope this time this new guys will stand a test of time. It seem Luanshya is just going down with our government which is interested only in some areas. People from Luanshya try to learn something from the past experience, don’t depend only on the mine, try to get even into famering. I hope our gov will also help the people of Zed to invest in other things and not depend on raw materials.
Wait and see
Minerals are among the God given natural resources , can we make good use of such to improve the well being of our people , though in a Republic of Corruption. One day it will be a Corrupt free republic.. . when the citizens shall have a share/bite of the resources just like the holy communion .No matter how small it might be..
I hope the Chinese have come to push up Our economy.
Yes , would the mines help our malnourished economy. However who stands to benefit ,the miners as laborers or the investors
We invest in order to maximize gains …
For the / our mines ,to exist we do not need the crap in the name of old bones ; namely nyama soya , king Snake . …..The young shall rule. The young will and avoid corruption . The corrupt to jail they shall go.
If the mine above , was in barotse Land , how many of you would have positively attested to the subject?. Hypocrites you are. Bonite
# 11 i think 6 months is a long time,put it at 3 months ,let me just say i cant stand them
someone told me that luanshya is the only urban town in zambia without traffik lights how weird.This development of the reopening is good though my best wishes for luanshya
What is the official oposition stance on this development? Have any of them scrutinised the agreements that have been signed?
nice RB for giving my people hope,atleast my fone can be quiet abit.
#21, there is no need of having traffic lights in Luanshya. It’s a small town with the road network not needing support of traffic lights. And for the record whoever was giving you that information was taking you on a long ride!!
we want good salaries for our parents please.
I got a questions, what is better? no job or a bad job. They are the real questions we need to ask, are we better with or without the poor paying abusive chinese who also have poor safety standard,s
Luanshya , Luanshya, town of my birth. Oh how I weep for the crimes committed against you. Be it investors or bad governance, families and communities have been affected. I can only hope and pray that the Chinese do something commendable. People have been promised much but little has been fulfilled. We can only wait and see what the future holds for Luanshya.
I apologise, but, in my opinion, you are mistaken. I suggest it to discuss. Write to me in PM, we will communicate.
I must say I’m that you have got a superb blog.
/:)