
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]