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Chinese investor to spend $150m on mining operations

CHINA Copper Mines administration manager Yu ki (right) talks to Chingola mayor Titus Tembo during the tour of the Mimbula Fitula project in Chingola on Tuesday. PICTURE: CHINOYI CHIPULU

CHINOYI CHIPULU, Chingola
A CHINESE investor plans to spend US$150 million to revive mining operations at the Mimbula-Fitula Mine in Chingola on the Copperbelt.
And the China Copper Mine (CCM) has urged the extractive industry in Zambia to use new mining technology to effectively sustain operations to support economic growth in the country.
CCM chairman Yu Wangpin said the company has so far sent US$50 million in the process of reviving operations at the once productive mine.
Mr Yu said this during a conducted tour of the mine on Monday.
He said his company planned to inject another US$100 million into the operations as the company increased production.
“We have already spent US$50 million and we plan to further invest US$100 million to enhance our mining operations,” he said.
And Mr Yu says adopting new technologies by the mining houses would increase income generating capacities and boost the economy.
“Mines can boost the economy if they adopt first-class technology to enhance operations,” he said.
Mr Yu said with the support from the government, his company plans to apply unique technologies that will benefit many other companies in the mining industry.
“The company is expanding and we want to foster sustainable development that will benefit Zambians,” he said.
And company administration manager Yu Ki said mining firms in the country are failing to enhance their operations because they are applying outdated technology.
“Some mining companies use outdated machinery, that is the reason why their operations are being hindered. Mining firms must be innovative and apply new techniques,” he said.
And Copperbelt Minister Bowman Lusambo says Government will continue providing an enabling environment for local and foreign investors to invest in the country.
Mr Lusambo said in a speech read for him by Chingola mayor Titus Tembo that Government will support investors as long as they abide by the rules and regulations of the country.

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