China’s CNMC Announces $1.3 Billion Investment in Zambia Across Diverse Sectors
China Non-Ferrous Metals Mining Group Company (CNMC) has unveiled plans to inject an additional $1.3 billion into Zambia over the next five years, spanning multiple economic sectors.
CNMC Chairman, Xi Zheng Ping, detailed the allocation of these investments, emphasizing their commitment to Zambia’s growth. By the end of 2025, CNMC aims to have contributed $650 million to the country’s economy.
The substantial investment portfolio includes a $400 million commitment to the Chambeshi copper mine project and $600 million earmarked for the reopening of the number 28 shafts at the Luanshya copper mine.
In addition to mining ventures, CNMC is allocating $200 million towards Sino metals and other warehousing projects, alongside an expansion initiative for Luanshya vocational training school.
During a courtesy meeting with President Hakainde Hichilema at Statehouse, Mr. Xi outlined the significance of the investment in advancing Zambia’s mining industry, education, science, and technology sectors.
President Hichilema reciprocated the enthusiasm for collaboration and stressed the importance of joint ventures across diverse economic domains. He emphasized the need for mineral mapping cooperation, pointing out that only half of Zambia’s territory has been explored.
The discussions between Zambia and China have laid the groundwork for a win-win partnership, addressing various issues and fostering mutually beneficial relations.
