Cleaning Association Lauds President Hichilema For FQM Investment
The Cleaning Association of Zambia has praised President Hakainde Hichilema for securing over $1.25 billion in direct foreign investment from First Quantum Minerals (FQM), following the announcement at last week’s Investing in African Mining Indaba in Cape Town.
During his keynote address to the Indaba, President Hichilema confirmed that FQM was investing $1.25 billion to expand production and extend the life of the Kansanshi Mine, as well as an additional $100 million to bring the new Enterprise Nickel Mine online – the first new mine established in Zambia for over a decade.
Cleaning Association President Lawrence Makumbi welcomed the investment by FQM, saying it would transform the face of mining the North Western Province.
“This announcement is wonderful news to the people of North Western Province and Zambia as a whole. We wish to commend President Hichilema and his New Dawn administration for this achievement,” he said.
In the same statement, Mr Makumbi called on the government to ensure that the majority of contracts brought on by the investment be given to Zambian businesses.
“This time around we want Zambian contractors to enjoy the frutis of this investment. They now have capacity and experience to meet these orders, unlike 10 years ago,” he said.
The announcement at Indaba has spurred renewed interest in Zambia from several mining companies, with Anglo-American announcing a return to the country last week. On Thursday, Reuters reported that the mining giant was entering into an agreement with Arc Minerals in which Anglo would take majority control of the junior exploration firm’s Zambian copper-cobalt licenses. This would mark the first new investment by Anglo in Zambia for 20 years.
Renewed confidence from foreign investors forms the bedrock of the New Dawn government’s plans for revitalising the Zambian economy. Increased investment in the mining sector will allow Zambia to take advantage of new markets like electric vehicles and batteries, creating jobs and accelerating economic development.