Zhonghui International Mining Industry of China has plans to invest US$200 billion in Zambia to open up copper mines in Kitwe, Solwezi and Luapula province.
The company has already spent US$500 Million on copper mining exploration in Kitwe’s Ichimpe area and Chipupushi in Lufwanyama. Apart from the mine, in North Western province, the company hopes to construct a copper smelter which will produce 300 metric tonnes of copper annually.
Speaking in Ndola today when a team from the company paid a courtesy call on Copperbelt Minister Mwansa Mbulakulima, company president Charles Shi said the company has decided to invest in Zambia because of the prevailing good investment environment and the availability of abundant natural resources.
Mr. Shi said the company will also building a hotel and a shopping mall in Ndola near the Stadium that is to be built with the help of the Chinese government.
He further said the company will also consider diversifying in its investment to include other sectors such as manufacturing and agriculture.
He said it will consider investing in gemstone and timber processing as well as well growing of Virginia tobacco among other investments.
He said for sectors that it cannot take, its will look for other Chinese investors who have the expertise in those sectors.
He however appealed to government for more lands for investment and construction of offices and staff houses.
Mr Shi also called on government to continue supporting the Chinese investors as it has been all along.
And Copperbelt minister Mwansa Mbulakulimal implored the Chinese investors to seriously consider investing in other sectors other than the mining sector.
Mr Mbulakulima cited sectors such as tourism, agriculture and manufacturing that has potential to give significant profits.
He commended the Chinese investors for choosing to invest in Zambia and assured them that government will continue supporting them in their investments.
He said Zambia will continue trading with China not because it government is biased towards Chinese investors but because China has showed willingness to partner with African countries in development.
The minister added that the Zambian government has opened its investment opportunities to all countries in the world but China is the one that has responded most favourably.
He further observed that the Chinese aids and investment projects are not attached with complicated and unfair conditions.
And Copperbelt permanent secretary Jennifer Musonda also urged the Chinese company to invest in manufacturing and addition of value to Zambian products that are currently exported in the raw form to enable the country realise significant forex from exports.
Ms Musonda cited products such as timber, gemstones and coffee among others.
Zhonghui International Mining Industry which has been operating in Zambia for about a year now is situated on a stretch of land covering Chingola, Kitwe and Luanshya and has employed 120 Zambians and about a hundred Chinese expatriates.