First Quantum Minerals has announced that it will pump in another $1billion into its operations in Zambia.
FQM Chairman and Chief Executive Officer Philip Pascal announced this when he led the FQM team that paid a courtesy call on the Zambian delegation at the Mining Indaba in Cape town.
Pascal said the company is reinvesting over $350m to modernise Kansanshi Mine in Solwezi.
He also said they will invest over $700m in a new smelter.
And Director of Operations Matt Pascal said the company was Zambia’s largest tax payer and have paid over $3.6billion in taxes in a period of ten years.
He said the company had also built a 600km electricity power line from Lusaka West to Kalumbila in Solwezi at a cost of $206 million.
Mr. Pascal said the company also had corporate social responsibility programs in the local communities.
And Minister of Mines Christopher Yaluma said government was seeking responsible investors into Zambia.
He said Zambians were expecting meaningful contributions to communities and to the domestic revenue of the country.
He welcomed the contributions that FQM had made to the country.
Kaponya (HH) now shiits his pants daily at the Kabulonga verandah, while PF is inviting strong credible investors. Kaponya (HH) would be doing the opposite had he won the electiin. He would have sold the mines like he did back in the 90s and unleashed Boer thug mercenaries upon us. Rest in hell Satamic minion
These people need a PR person.
Instead of such an angle Yaluma should be saying, Government is to create 700 jobs post the $1billion in Kansanshi.
This will increase ….. GDP and is a testament of the Government’s commitment to create more jobs as promised prior to elections.
Then when you are asked how many jobs you have created – oops there you are….
Its a game of semantics. Instead we will be hearing of the PF party speaking in-turn on HH.. Oh My G.
Who runs this pathetic country of ours and how qualified are these Minsters to start with?
Thanks
BB2014,16
HH is so full of heartbreak right now he can’t even function. Rest in peace on that Verandah! The man in vile and evil, let him eat cow!
Kudos, nubian priceless, terrible you are just a bunch of rotten eggs always stalking HH, keeping hating while mines keep bailing you out, even that Zambian stand at mining is courtesy of kegem mines, didn’t know lumwana mines had to bail you out on the power lines too. Keep shiiiting in those offices while busy businessmen keep making economical decisions for you.
Divide and rule
It’s like those people you mention want investor’s to even wipe their back sides as well. Like the PF they are calling for caders to take over public places while they sit back and steal and expect everything done for them, ain’t gonna happen.
I didn’t know Yaluma is such short man, no wonder he is so hardworking.
TRUMP HAS SHOWN THE WAY.
ZAMBIA FIRST
ZAMBIANS FIRST
Nostra that is not their actual height, diet kubwaiche tayali bwinobwino. Most Zambians fall short on height as result ka poor diet during critical stages of body growth 0-19 years.
Please, we should respect ourselves zambia isn’t a dictator government. Any one is free to form his own party. Leave Hh alone that is his right.
Great news! Answered prayers. God, continue blessing Zambia with even much more meaningful investment. We need those gifted in every relevant sphere to arise. We are a Christian Nation & have chosen to claim the blessings & favour that you have destined for us. Amen!
You blessed with natural resources but you would rather pray to white Jesus whilst you get fleeced…instead of studying how to be experts you would rather read that the slave master’s book called the King James Bible.
Amen to that!!
They want investor’s to even buy them toilet paper…..
Jay Jay the issue is not lack of experts because we have a lot of mining expertise among Zambians. Mining as many Zambians that are acquainted with the field know is by no means rocket science. Corruption is the main problem. You need to have worked in the mining industry to appreciate what I am talking about. The bible trains people to resist corrupt tendencies.
When I say experts i dont mean mining engineers…i mean entrepreuners they dont teach youhow to run a business at mine school.
Ati Ba Minister… IF FQM Invests $1bn, HOW MUCH are ZAMBIANS expecting to get interms of TAXES? How many NEW JOBS for ZAMBIANS? If they pay $3.6 Bn in Taxes in 10 YEARS which is equivalent of $360mn per year and they are the largest tax payer, then HOW MUCH BENEFICIAL is mining compared to other sectors that Zambia can develop? WHAT THEN ARE THE OTHER MINES PAYING? If they brag about the $260mn power like erected to benefit their profits, CAN THEY SHOW US WHO ELSE is drawing electricity from this power line? In the END EVERYTHING IS TO THEIR BENEFIT and VERY LITTLE FOR US, that is why it PAINS WHEN WE SEE PEOPLE MISMANAGING PARASTATALS COZ WITH PROPER MANAGEMENT WE COULD HAVE STILL BEEN RUNNING OUR MINES, NOT THIS MOCKERY!!
That’s the same trap we fell in during the Kaunda days. We think we can ran everything without capital. That the copper will mine itself without capital. The copper will process itself without capital. The mines will keep on giving without capital. Let’s not kid ourselves Zambians. It takes capital & labour to add value to anything. It’s not a fantasy world you are describing where all the wealth is out there like low hanging mangoes. You need money to make money. We need to be smart about where we should be in that equation. Wake up. We need FQM. We don’t have our own FQM.
@3.1 The chosen One.. You MISSED MY POINT! I NEVER SAID we don’t need FQM, what I am implying is WE NEED TO BE SERIOUS WITH MANAGING OUR AFFAIRS. Yes FQM is there, so is Vendata, Barrick etc …so WHAT IS THE MAJOR DIFFERENCE THEY HAVE MADE which we couldn’t make if WE HAD RUN OUR MINES WELL by doing what you have said?? When we were selling our mines, COLDECO, CHILEAN MINING PARASTATAL ALSO BID FOR OUR MINES,LAPgreen was a Libyan Parastatal that came to buy Zamtel!- SO THE ISSUE IS NOT ABOUT THE STATE RUNNING ENTERPRISES BUT LACK OF DISCIPLINE!Just look at ZAMTEL and ZESCO and tell me what is lacking there!!
Zambian delegation is disgrace!!
They are investing for themselves, where is the investment in environmental control, reducing hazardous smoke and pollution of rivers,l? 1 Billion investment that doesn’t improve the lives of people in the vicinity
That tax money should develop North-Western Province and Solwezi, not Muchinga. But look at Solwezi-Chingola road? Hell-run! If this goes on like this, a Zed Ken-Saro Wiwa is in the making. Thank you.
$3.6bn of taxes paid and NWP has nothing to show for it! And PF calls that development? For whom? All those taxes have been stolen by these PFieves and spent in their strongholds in Lusaka and Muchinga. The Chingola-Solwezi road has to be rebuilt by the same FQM. PF are such a disgrace.
The $1b being invested means the investor is expecting maximum returns and not worried about creating jobs. The PF govt must hold the title to the most stup!d on earth. The few jobs that will be created will only deliver bread crumbs while the profits are siphoned off to the west and India. How can a whole nation with a functioning govt be excited to sit on the sidelines watching their money vanish in thin air?
You are been effed in the asnus by the so called investors who are not even paying tax just because they are giving that sick bstard lungu a small cut. Pf are dogs. Actually poppy my dog has more sense because when I tell him to stop what’s he us doing wrong he stops
@ NEZ :RESIDENT HATER 2016 TO 2021 TILL DEATH
CAN’T STOP INSULTING.
SUCH A FOUL MOUTH.
WILL DIE GNASHING HIS TEETH BECAUSE HH WILL NEVER RULE ZAMBIA
I always knew that something was wrong with Hazalusa Hagain and his supporters. It is not surprising to see that JeJe is an antichrist!
Great. Now Emmanuel Mwamba the spin doctor or Yaluma the oaf can tell us where exactly the electricity to power the new smelter is going to come from. No doubt a few national prayers in the “tabernacle” will do the job nicely
FQM are not foools to relay on your unreliable ZESCO they have it already planned…they will be pulling electricity from the new coal mine in Botswana. They do not want their billion dollar production to be interrupted because some corrupt individual has opted to buy cheap cheapest Chinese parts so as to pocket the change.
Good news for all Zambians except Hungry Hyena and his team of United Dunderheads..
Did I not predict more jobs in the mining sector? The archives never lie!
List of accurate Predictions starting from before elections..I predicted ECL would win August Elections even when my own team PF bloggers went silent I and only a few others remained vocal, I predicted in September when inflation was at 22 percent that we would get to single digit inflation by end of the year United Dunderheads as usual insulted my forecast- but I was correct, I predicted Kambwili and other self centred politicians would be sacked from their positions and yes I was right again!
I predict a bumper harvest this year! And signs are we are getting it again! Last prediction by March Dollar will be at ZMW 6! 2020vision…
Ctn.. 2020vision as accurate as ever! Let the haters hate and continue to suffer from the number one killer disease in Zambia of Bloodthristy animals belonging to the hate group of United Dunderheads which is High Blood Pressure, plus Diabetes mixed with Bitterness, Frustration. Cowardice and Depression the ailments abena Nez (New Evil Zombie) and co are down with.
..Plus acute dementia
Usually a drop in inflation usually means living standards are improving in normal countries , how can you and the thieves be singing inflation drop when the reality in prices raises and a steep drop in the standard of living across the board ?
That is the reality , people can’t afford 3 basic meals. No one believes those fake lungu inflation figures.
Lungu promised to open mulugushi textiles , he promised 500, 000 jobs by end 2016 , how many jobs have been created ? Foreigne debt is now approaching $10 billion and lungu and PF have not opened a single factory. All they open is shopping malls for SA goods.
The best lungu and his gang of theives can do is call for disgruntled PF caders to take over public places instead of providing jobs for them….
True bro. Stop dancing the song that is being played by neighbors. Solwezi chingola road has been neglected whilst taking away all the stoke pile of uranium that was stored at Lumwana mine through dubious ways enriching themselves. They are just building themselves mansion Instead of creating for the Zambians who are suffering. Even some carders are damped without a piece of bred. Zambians Labour laws are very old. The labour minister come on, foreigners have occupied some of the(employment) positions that Zambians must do. eg mechanic, boiler maker. Tyre fitter. not ukula bwata bwata fye. Imwe mulelya abanenu nensala imwe mulesalula.
PF are such dimwits. How is this copper being produced by FQM going to be exported expeditiously when the Kitwe-Chingola dual carriageway cannot be completed even after 5 years of construction? FQM had to step in to protect their investment by sponsoring the reconstruction of the Solwezi-Chingola Road whose funding had been diverted and stolen.
I remember that Chamber of Mines official last month saying no mining company was going to pump in money for any project
Putting in $1 billion you have earned in Zambia is not really investing but just expanding. We want to hear how Zambians will participate meaningfully and how many quality jobs willl be produced.
Talk is cheak bama KAKA imwe.
“the company was Zambia’s largest tax payer and have paid over $3.6billion in taxes in a period of ten years.”
He conveniently forgot to say his company is Zambia’s largest extractor of it’s resources and that the tax isn’t commensurate with the profits he has made to say nothing about efforts to evade tax.
there is no uranium coming from lumwana gentlemen. go back to school and understand your economic situation from a technical and professional point of view.
FQ why don’t you first clear the debt you owe ZCCM-IH?
You want blind us with fake investment so that we forget about the debt?
Totally agree, they are trying to buy us off and the minister of this government is falling for it! Wake up President and Minister of Mines, take off your blindfold and say no to more these companies who steal out resources and our profits and then pay us off with fake investments and promises!
Only makes sense if the supply chain allows Zambians to fully participate in the project. Yaluma, stop FQM taking over all the business opportunities. They are into schools, housing, and food supply to themselves and the workers. Surely, we need such chances so that their investment can percolate our pockets. please twamipapata ba government!! Mwansawasa and Magande did that; suppliers had money, families started living well; the moment he died all contracts terminated.
when they is reason to be optimistic UPND are miserable why? Guys 5 years in long, 2021 nipatali. Elyo no guarantee.. aleisa aleisa waindilila 2016, ma weh
This is the kind of news UPNDo keys don’t like
They just can’t stand anything good for this country, in the mistaken belief that bad news gives them a chance to put HH in power. Well wrong again, and you don’t seem to learn, didn’t the miners of Kopala reject you again big time despite them losing their jobs in 2016? The candidate is simply a total reject and inherited the party wrongly, compare Lungu’s very successful succession to late Mr Sata, no hint of tribaliam whatsoever. Get that into your thick skulls.