CNMC to Invest $1.5bn in Luanshya Copper Mine

China Non-ferrous Mining Corporation Limited (CNMC) has announced that it plans to invest close to 1.5 billion dollars to rehabilitate and expand production at Luanshya Copper Mines.

The company says that the watering of shaft 28 is expected to be completed by the end of 2025.

CNMC Chairperson Wen Gang said his company also wants to invest in developing a new mine called Samba Mines.

President Hichilema expressed his happiness over the technology and capital investments in Luanysha when he met a delegation from CNMC at State House in Lusaka. 

“I’m very delighted sitting in this meeting that the chairman has lived up to his commitment that they will be able to invest close to another 1.5 billion dollars. It's a huge amount, and I think they deserve a commendation,” said the President

President Hichilema also directed that the relevant authorities resolve the issues discussed with Mr Wen in Beijing recently regarding licence overlap to develop new businesses and tax incentives.

A spokesperson for Mr Gang said, “We have completed about 26% of the overall water that needs to be pumped, which is about 130 million cubic meters in total. On the one hand, the water pumped out addresses the drought issue and generates more water for the three hydropower stations nearby.”

Reaching the goal of 3 million tonnes of copper production per annum by 2031 clearly remains one of President Hichilema’s top priorities. The news of CNMC’s increased investment in Luanshya Mines comes just a day after Anglo American Mining Corporation renewed its interest in investing in the Zambian mining sector, close to 20 years after its exit.