Business

Kalumbila MFEZ project gobbles $80 million

NOMSA NKANA, Lusaka
FIRST Quantum Minerals has to date spent over US$80 million on the development of the multi-million dollar Kalumbila economic zone.
A further US$40 million in investment by third parties is expected by the end of the fourth quarter of 2017.
The project, which started in 2012 with a development horizon of at least 15 years, is expected to function as a stand-alone town to live beyond the lifespan of the mine.
In response to a query recently, Kalumbila mine public relations coordinator Mirriam Harmon said the zone requires about US$350 million to fully develop the Kalumbila multi-facility economic zone (MFEZ).
“There are various investors that have shown interest in investing in the MFEZ in sectors ranging from manufacturing, construction, retail, hospitality, finance, warehousing, food processing, mine supply, catering and other service industries,” Ms Harmon said.
Since inception, 3,000 direct jobs have been created through FQM and a further 300 by the fourth quarter of 2017 with more to follow as residential and commercial development in the town gathers momentum.
She also said FQM’s recent survey indicates that over 40 prospective investors of varying scale from multinationals to local entrepreneurs have shown interest in investing in the zone.

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