Lumwana Copper Mines (LCM) says it has invested over one Billion United States Dollars in the construction of the Mine and development of a modern new City with International standard services in Zambia’s North Western Province.
ZANIS Kitwe reports that Lumwana Copper Mines Chief Executive Officer Harry Michael said the Mining company had persevered with its investments, exploration, technical work and employment at a time when many investors in the mining sector had abandoned the country.
Mr Michael said this at Chambeshi Copper Smelter in Chambeshi today during the official delivery ceremony of Lumwana’s first Copper Concentrates to the newly constructed Chambeshi Copper Smelter (CCS).
He said the Company had in 2006 secured a $664 million debt finance package from 14 International banks to develop LCM into the largest Copper Mine in Africa.
He added that the loan was the largest debt finance package in the history of the African continent and a testimony of the amount of faith the Investors and shareholders had in the Government and people of Zambia.
Mr Michael noted that Lumwana has since entered into an agreement with the Chinese owned Chambeshi Non Ferrous Metal Cooperation and its partners Yunan Copper Group to enable CCS process Copper concentrates coming from LCM.
He said the decision to use CCS in processing Lumwana concentrates highlights the positive downstream benefits that the mining company has on development of infrastructure, investment and continued employment not only in Chambeshi but on the Copperbelt and Zambia as a all.
He disclosed that his company had found a strong desire by CCS to have long term partners in an industry were so often business relationships were only for short term gain and unfairly took advantage of unfortunate circumstances.
Mr Michael observed that such commitment and vision by the Chinese was demonstrated in the CCS’s own large investment of over $300 million in Zambia and their active involvement in the establishment of a multi facility Economic Zone for Chambeshi area to encourage further investment in related businesses.
And speaking earlier at the same function CCS Chairman Zou Qiao commended Lumwana and the Zambian Government for showing confidence in Chinese investments in Zambia.
Mr Luo said the agreement between Lumwana and CCS would only be consolidated and bear fruit if the two parties executed the project in loyalty and honest.
He also pledged his company’s commitment in meeting their social responsibility in their areas of operation.
And speaking on behalf of the workers of CCS Project Engineer Sylvester Mtonga commended management at the company for providing employment to the Zambian local people at the time when most industries were retrenching workers.
He also hailed Lumwana Copper Mines for partnering with CCS by providing more than 50% of Concentrates required to keep the project afloat.
Mr Mtonga appealed to CCS to motivate local employers in all aspects of human endeavor if the company was to attain high productivity.