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.
ZANIS/LK/MKM/ends
😕
I really REALLY wanna c it again but i just wish they woulf reeopn the show in San Francisco!! New York lets it run 4ever but u cant find a show anywhere in California! Cnt wait 2 b able 2 do it with my high school or college or whenever it comes available 2 rent on MTI or sumtin I dnt care wat it takes! I will b in Wicked!! Mwahahaha!!!
bloggers hw u all doin?
Let’s have more serious investors like these coming into the country.
zoona we are sleeping ka. any nambala 3, hopefully
*anyway
are these not the people who blocked onalebo austin liato from entering their mine? LOL
Money Money Money!! Ist there a DAY on LT when Money is not mentioned?
Today is Sunday!! When do we Rest?
$-)$-)$-)
That’s a huge sum right there. I hope it really fulfills it’s purpose in maintaining the largest Copper Mine in Africa.
Yapasa
MOpani Copper Mine refused to process the Lumwana copper hence the shift to the Chambeshi Copper Smelter. It seems the chinese can’t say no to copper. Mopani said the copper didn’t reach their standard to be processed at their Mufulira smelter. Anyway, hope Lumwana recovers their investment. These are the kind of infestors we need. They are like rats, eating you (mining our copper) whilst blowing some air to lessen the pain. Later bloggers
It’s all about the dollar dollar bill yall.
Hope this investment revamps copper industry in Zambia and jobs too
In 2005 when the copper prices were looking up I wrote to express the need for our Zambian Govt. to sieze the moment and determine whether the country was benefiting from those unholly Indian investors at KCM. In the same spirit, I would like GRZ to do the same with LCM and the Chinese arrangement. The questions should be whether we stand aside and look or we actively participate by controlling what is happening. Lets have shares in those activites. I mean proper control of the returns so that there is a trickle down effect. Lets consult people like Chavez in Venezuela; or Putin with his Gazprom otherwize those investors will simply leave holes in Zambia when the mines are exhausted.
THESE ARE THE SORT OF INVESTORS ZAMBIA NEEDS. THIS KIND DEVELOPMENT REMINDS ONE OF THE WAY MINES WERE RUN A FEW DECADES AGO. THEY HAVE REALLY, ADDED REAL VALUE TO ZAMBIA. OTHER INVESTORS (LIKE THE CHINESE) MUST BE FORCED THROUGH LEGISLATURE TO FOLLOW SUIT WHILE THEY RIP FREE COPPER FROM ZAMBIA. THE LUMWANA INVESTORS ARE TRULLY NOT RIPPERS.
“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.”
Interesting reading. Thanks for this faith you have mentioned, but please treat our people very well in your operations.
As regards to the social responsibilities that you claim you will meet, we are watching and waiting.
===
LT 2008 Award Winner. =; for Zambia in 2011.
God will help Zambia at all costs, that’s a step in the right direction.
“Mr Mtonga appealed to CCS to motivate local employers in all aspects of human endeavor if the company was to attain high productivity.”
Good advice to your own company. This means that you are aware of CCS’s deficiencies or potential ones on its workers’ motivation.
===
LT 2008 Award Winner. =; for Zambia in 2011.
I bet the returns will be five times more.
BY THE WAY LT, BLOGGERS WOULD LIKE TO SEE THIS NEW TOWN WITH INTERNATIONAL STANDARDS FACILITIES. LT, LEARN. JOURNALISM NOWADAYS ISN’T ABOUT TEXT. BRING US PICTURES AND WRITE LESS. IF I HAVEN’T BEEN TO SOLWEZI EVERYTHING IS JUST LEFT TO MY IMAGINATION.
Wot! Largest copper mine in Africa! Great. Lets see how many Zambians will be employed.
WOOOOOOOOOOOOOOW!!! LARGEST CHINESE COPPER MINE IN AFRICA!!!!! :((:((:((:((:((:((:((:((:((:((:((:((
Jamaco. Why are you crying? atleast it gets to be in your country and not in China.
Nine Chale, where is everyone? It seems the blog has been deserted.
Fellow country men and women,
its wonderful to be back from a three working holiday in Mfuwe,i feel so refreashed and upbeat.Without wasting much of your time,as you are rightly aware that i was popularly elected under 50%+1,i would take this rare oppotunity to annouce my cabinet.
1.Ba Maureen – Vice President
2.Nine Chale – Will handle our finances:Minister of Finance
3.Supergal – Minister of Defence
4.ako kanono ba nevers – Minister Commerce
5.Baby c – Minister of Health-This minisry needed someone who is unuquely qualified.No doubts Baby c is capable.
6.Jamaco- Minister of Agriculture
7. Maestro Hhehhehhehhe- Ministers of Justice
8. Matworld-Nice guy – Minister of Education
IS THIS THE COPPER THAT WE EXPORT VERY CHEAPLY AND IMPORT THE FINISHED PRODUCT AT HIGHER RATES?
:o:o:o
WHAT I MISS HERE IS A STRATEGY AIMED AT BREAKING THIS CYCLE!!!
CAN SOMEONE COMMENT!!!
OTHERWISE AS FOR ME :((:((:((:((:((
Lumwana Copper Mines (LCM) says it has invested over one Billion United States Dollars in the construction of the Mine
Most of that is re-investment of profits – in other words, money not paid to the Zambian taxpayer. In still other words, they are trying to pass off the Zambian taxpayer’s money as THEIR (LCM’s) investment.
Thankyou Mr. President for you trust!! I also thank the Zambian people for bringing about a government that will not let them down.
I hope the other Ministers will soon show up to make their speeches respectively.
19. Sarah Jones,
” Wot! Largest copper mine in Africa! Great. Lets see how many Zambians will be employed. ”
Not many. According to Rupiah Banda’s speech, only 58,000 people are employed in the mining industry. Compare that to Zambia’s 5 million strong work force and official 70% (3.5 million) unemployment.
The idea that selling the mines would ‘bring jobs’ (Mwanawasa’s words) was always the weakest defense of privatisation.
The mines exist to capitalize the Zambian economy – generate cash for agriculture and infrastructure, and later on manufacturing.
The big job creation is in agriculture and infrastructure.
#22 Sarah Jones, the blogg is always like this on Sunday evenings, but tonight is even worse. It feels like a cemetery here with so few contributions. I guess I will also throw in the towel…more time.:-w
Goodnight Nine Chale and all! Will continue blogging while in Office tomorrow!! Wishing you all a positive week!!
Hi am RB. To those of you who dont know what RB means,
1. Rotten Brian – I forget all what I promised and promise more
2. Rubish Boss – I do not take suggestions or criticizim from anyone
3. Rubber Band – I believe in Late Mwanawase but forsake his vision
3. Reasoning Blunder- I believe every one is wrong only TETA, Mulongoti, Shakafuswa, are right
4. Rigging Brian- I make more votes in rural areas where there are few voters.
Thank you
RB
RUPIAH ‘NYAMA SOYA’ BANDA IS A LIAR…
We have sold our country by getting these loan from international bankers.
Quote:
“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”
We are finished.
I’ll be active soon.
Sorry,
Iam notinto these ecomnomic politics..
But to be honest with you ; all these heavy trucks travelling between Kitewe chingola are a road harzard. Driing form KITWE TO cH
Sorry,
I am not into these economic politics..
But to be honest with you, all these heavy trucks travelling between Kitwe and Chingola are a road hazard and a menace.
Driving from Kitwe to Chingola
takes you double time it used to be in ZCCM days. Not enjoyable and very risky….
The moving coffins (mini buses) seem to have fun with all these hazardous encounters…My eyes almost popped out . .oooh I was scared stiff…I made sure I drove at a limited speed at all times. Chambishi township looks great…Congratulations to the new mining company.. **==**==:-??:-??:-??:-??:-??=d>=d>=d>=d>=d>
AT#35,
Thats Cutey minding her own business on the blogg..and it is 1045hrs AM..
[-x[-x[-x[-x[-x[-x[-x[-x~o)~o)~o)~o)
Please humbly ignore #34,
my laptop is so finger sensitive..I did not finish one sentence b4 everything disappeared b4 my eyes..
Ba L.T what is going on?????
:o:o:o:-?:-?
If Blogger’s on this site could read the book ‘Confessions of an Economic Hit Man’ surely you will have a different view on this one.
LCM are the only true and patriotic investors we have had since MMD came into power
#27 has Data-information, must be a monk or a nun. Truth as truth can be told. May God bless us all.
The landscape of this blog has changed, Different names, but trully more educated comments. Thank you all for showing true patriotism, which is the fear of the Lord and hard work. Wisdom starts with him. With that said, let us begin to benefit from LCM and all that we have. Good night. 🙂
Cutey and sarah jones. You lied to us,that you are based outside Zambia. Bloggers, these two ladies work night shift at one of nite clubs in northmead. Dont be cheated.
HAHAHAAAAH, You have caught me red handed,,.. thats right bro..
meet me there tonight for a night capper..
Hubby wont know na iwe
how about 1930hrs ba guy???:x:x:x:x:x:x:x:-ss
#43 meant for #42…
You have won the Jackpot.. Lets meet at the Arcades instead of
Northmead..or what about near Rhodespark Adisabbaba Drive???
If you spill the beans hubby will shoot you and not me… Iam too cutey for him to shoot me. you see he can not live without me.. ….. @};-@};-@};-@};-@};-@};-@};-@};-@};-@};-@};-@};-
This sounds very interesting. One only wishes they are telling the truth. Shingi sana. Ati shani? US$ 1 billion?? 😮
My only worry is that we are not seeing things move down there. Its all
:-@ as of now. We want real progress.
I have toured Lumwana Mine and the Chinese Smelter, this is worthy investiment indeed. Now the question I have is why cant the Govt., set up a mine, run it as an autonomy, employ the right people to run it as a business. The Profits to be ploughed back into the mining sector and to come up with model towns.This way we can cushion the mine closures and benefit directly from our own resources (no externalisation of cahs). Dont tell me the Govt., has no part in doing business I wont agree.
Cutey Dear
Dont answer to the likes of #42, You are too smart for that girlfriend!!!
Those are the positive developments we need.
Now the government should be very tactful in handling all mining investors.
We need to maximise our earnings from these mines.
The question does not only lie in raising the royalties.
I believe the government has to think a little deeper.
Mines are normally labour intensive and therefore the need to view earnings from that angle.
Govt must insure that these mines pay workers reasonable wages, and the the minimum wage should be beneficial to govt too.
In this, I mean that govt can earn more through PAYE than royalties by balancing the equations well. It will not help to have majority of workers get below non-taxable wage.
#25 Iwe why are you a so ignorant. Lumwana is the only Greenfield investment in the copper mining industry in Zambia. They have not made a single profit.
#25, what tax payers’ money? They have not sold any copper unlike KCM or Mopani. Please, explain your reasoning. Or are you simply prejudiced against foreign investors, huh?
The Lumwana mine is doomed. The prison camp conditions under which Mr Michael runs the mine will lead to its inevitabe collapse. They used nepotism to employ their friends, the plant manager’s appointment is a classical case. There were several experienced metallurgists in zambia (zambians and expatriates) who were interviewed for the job, but Mr Wolfenden appointed his friend. AS A RESULT OF THE PLANE MANAGER’S INCOMPETENCE, HE IS UNABLE TO DEPRESS THE URANIUM IN THE CONCENTRATE.Only a chinese smelter will take such concentrate, handling it could make the workers sterile…over time. It is for this reason Mopani, and KCM refused to process the concentrate!!! As soon as the honeymoon is over
“PLANT MANAGER’S” sorry
The govt. now has a challenge to invest in infrastructure so that the private sector can thrive in order to benefit from such high investment inflow. It’s unfortunate that almost every input in this project has to be imported, from bolts, fuel filters, tyres etc.
LCM must be applauded for this investment. There are so many haters out there and I urge them not to get distracted. The country needs circa 20, or so, such high calibre investments. The conditions of service of zedians in such companies can be sorted out by zedians themselves as in most cases zedians seat on boards and run human resources departments.
These are the kind of SERIOUS investors we need, not those mwenyes parading Bwezani around with cans of Pepsi!
the govenment should be actively involved in these deals 300% and bank as much liquid cash from profits as possible in zambian banks to increase our forex reserves like it was back in the past when our reserves were second only to south africa.God help zambia amen.
#42. What is it that you want.
#47′
Hi Baby C.
first time to talk to you..and thanx for yuor concern.. I appreciate.
But you see, some people deserve to be told what they want to hear.. so just give it to them… Haahhhh LOL.
I will be waiting for him at the Arcades to nite.. if he doesnt show up then he is an ugly coward… lol
>:/>:/>:/>:/
At #58, Baby C,
Meant thanx for your concern… 😕
Lumwana cannot be compared to all the Chinese and Indian mines who are in Zambia to erode our natural resources and leave us no investment. The Chinese are the worst when it comes to mining, one wonders how the government gave them all these contracts. These should have been left with roads and bridges. As for Indians they are good in factories (blankets and others) not mining, Zambians will be as poor as ever with investors like the two above.
Zambians wake up and be selective
56. God’s child,
” the govenment should be actively involved in these deals 300% and bank as much liquid cash from profits as possible in zambian banks to increase our forex reserves like it was back in the past when our reserves were second only to south africa.God help zambia amen. ”
From your mouth to Rupiah’s ears. Why are we saddled with talentless politicians who believe that the only way to develop is attract foreign investors, and the only way to attract foreign investors, is to give away the country? Or are they just good for taking bribes from foreign investors? With all it’s faults, there used to be a government that believed in planning and infrastructure – UNIP.