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$1.3 Billion Chinese Investment in Zambian Copper Sector as EU Readies Competing Deal

Zambian President Hakainde Hichilema meeting the management of Chinese mining giant China Non-Ferrous Metals Mining Company (CNMC) on 27 September 2023 in Lusaka. Image via @HHichilema

The Chinese mining giant China Non-Ferrous Metals Mining Company (CNMC) announced a plan to invest $1.3 billion in Zambia across a range of sectors. The agreement, announced by CNMC chairperson Xi Zhengping, includes a $400 million investment in the Chambishi copper mine, run by its subsidiary Non-Ferrous Corporation Africa PLC (NFCA), aimed at increasing its output to 110,000 tons per year.

Another $600 million will go into reopening shafts at the Luanshya copper mine, with $200 million going into its subsidiary Sinometals, as well as supporting warehousing and a vocational school. The company’s current cumulative investment in Zambia is $1.5 billion.

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