9.5 C
Alba Iulia
Thursday, November 26, 2020

A Chingola based company to invest 41 million US dollars to extract copper from ‘Black Mountain’

Economy A Chingola based company to invest 41 million US dollars to...

Rudra Copper Limited, a Chingola based company is set to invest 41 million US dollars in the processing of copper from the slag commonly known as the ‘Black Mountain’ into Copper and cobalt.

The Company intends to establish a fully integrated copper industry with little or no waste as the by product will be transformed into pavers and other construction related materials.

This came to light when a Zambia Development Agency team led by the Board Chairman Fisho Mwale went for a familiarization tour of the company in Chingola recently.

Mr. Mwale disclosed that the company has so far invested over $10 million whilst the remaining $31 million will be invested over a period of 3 years.

He added that so far, the company has employed 50 Zambians in the initial phase and is looking to employ over 200 people in the next 6 months when the company becomes fully operational.

Mr. Mwale noted that some of the people employed are ex-miners as the company looks to transfer skills and technology to locals.

He commended Rudra Copper Limited for their investment which will create sustainable jobs on the Copperbelt and indicates that the investment will catalyse the formalization of a small scale miners with the view of encouraging them to further diversify once the slag dotted across the province is exhausted.

Mr. Mwale reiterated the need for the company to prioritise local business development through local partnerships, business linkages and domesticated supply chain systems to further augment their local job creation strategies.

He further encouraged local suppliers and small scale miners to formalize their business to enable them tap into this business opportunity.

The board chairman assured the company of ZDA’s support to help the company attain its strategic objectives as the success of the company will have cascading positive social and economic impact on the Zambian people.

And Rudra Managing Director Siddharth Patel disclosed that they will also be sourcing the slag from mining companies across the country as well as local small scale miners known as ‘Jerabos’.

Mr. Patel explained that this will create ready market for the small scale miners whilst maintaining steady flow of copper concentrate to the mining companies.

He added that the company will further be diversifying by investing into avocado production through an out grower scheme due to an increased demand for avocado oil on international markets.

This is contained in a statement issued to the media by ZDA Acting Manager Communications and Public Relations Kabwe Phiri.

17 COMMENTS

  1. Great development because under pf we have ensured favourable environment for local business to flourish. Even hhs business are doing well due to our policy but the arrogant guy cannot see this. Kz

    5
    17
    • Stop lying. Who would invest 41 million US dollars in a slab that will give him 10million? Get the numbers right ba reporter

      1
      1
  2. @kaisa…..You mean favourable environment for theiving, corruption and favouring foriegners over locals??

    11
    2
  3. I just wish this government could get stopped from selling mineral rights or brokering any deals until after 2021.

    This government will try sell off the little we have left before they leave office.

    This is such a nightmare for anyone that loves our country.

    10
    3
  4. Watch those Indians PF are dinning with……an Indian company brings 30 workers from India who in turn each bring 10 people , by 3 years end the Indian web of migration to Zambia from one company of 30 Indians grows to 1000 Indians who make Zambia their home but continue to send money back to India

    13
    2
  5. I just wonder, WHY CANT ZAMBIANS DO THIS?? Then I remember, we are greedy and short-sighted! THERE ARE ENOUGH ZAMBIANS WHO COULD HAVE POOLED THEIR RESOURCES TOGETHER TO RUN THIS BUT MOST OF THE TIME THEY COULD HAVE BEEN QUARRELING OVER DOMINANCE AND FINALLY LOSE IT WITH OUT LOOKING AT GROWING WITH OTHERS. OOOH…THEN CORRUPTION, THESE DAYS DECISION MAKERS CHOOSE FOREIGNERS WHO CORRUPT THEM AT THE EXPENSE OF THEIR OWN ZAMBIAN BROTHERS AND SISTERS – LIKE THE DAYS WHEN SOME AFRICANS CONNIVED WITH SLAVE TRADERS!! This Indian has already started stealing by over estimating his investment, US$10 million is a lot of money, what is he putting up?? A small concentrator, few wages to poorly paid Zambians to cost that much?? AGAIN, SURELY, EVEN ZCCM-IH HAVE STRUCTURED A COMPANY WITH ZAMBIANS TO…

  6. …AGAIN, SURELY, EVEN ZCCM-IH COULD HAVE STRUCTURED A COMPANY WITH ZAMBIANS TO RUN THIS PROJECT RATHER THAN GIVE TO AN INDIAN !!

  7. Am an indigenous youth of that area,the fact is youths (majority the jerabos) around that area dont need to be employed but to be operating on that slag own their own.

    By the way,this thing was said to be owned by the a Chinese firm, now to the Indians, What’s the deal?

    This syndrome of giving everything to foreigners is really worrisome.The black mountain should be given to the youths as they have been promised, they have the capacity.

    This will help retain money in the community and help boost the economy.

    5
    1
  8. Tell us the truth – it is an Indian Company not a company from Chingola. It has only one member of staff – Mr Patel himself. It was established in 2015 in the UK. It does not have a lot of investments – being used as a front with our money?!? Kaya…

  9. @Zambiaisours – your question; Why can’t Zambians do this? Yes, Zambians can do this, but are not enabled – doors are closed to them. The tendency is
    to frustrate and thwart…especially if you are living in the diaspora. You will struggle to enthuse fellow local Zambians to deliver
    anything that remotely resembles a fair & efficient service. You will be viewed with suspicion and jealousy. But put any foreign individuals in front of our people, they will be shifting mountains to help. All very misguided and wrong.

    2
    1
  10. We don’t need foreigners to run these dumps only Zambians can do this kind of work, however what is needed most is value addition, trading in un finished products don’t develop a nation and It has never developed any.
    Zambia is at the crossroads either to develop or remain at the same level.

  11. We need robust policies you state that this company has already invested $10million and will invest a further $30 million…have seen the company’s books that it has really invested these figures? Who is behind this company? KCM Chairman stated 4 years that his company would invest $ X billions but fast forward…his company could even pay off CEC and was relying on VAT.
    Plus there is nothing sustainable in processing heaps of waste for them to invest those figures in that time span.

Comments are closed.

- Advertisement -
Loading...
- Advertisement -

Latest News

Chambishi End Mighty’s Unbeaten Run

Promotion chasing Mighty Mufulira Wanderers’ unbeaten run in the 2020/21 FAZ National Division 1 season has ended after losing...

President Lungu Should Step Aside and Give a chance to Somebody to Represent PF-KBF

Lusaka Lawyer Kelvin Fube Bwalya commonly known as KBF has told his supporters that he is still a member of the ruling Patriotic...

I’m Reflecting on Why I Waste Time Speaking For Zambians-Kambwili

By Patson Chilemba I am reflecting on why I waste time speaking on behalf of Zambians when they don’t seem to care about what...

UPND calls for extension of Voter registration Period

The United Party for National Development(UPND)has urged the Electoral Commission of Zambia-ECZ-to consider increasing the allocated number of days for the on-going voter registration...

Zambia needs to sell itself better-Amos Chanda

Former Special Assistant to the President for press and public relations Amos Chanda says Zambia has potential and good stories to tell about itself...

More Articles In This Category