TRYNESS TEMBO,
JOSHUA MAZIMBA
Lusaka
ZAMBIA Development Agency (ZDA) has signed an investment promotion and protection agreement (IPPA) with Rong Xing Investments to invest US$122 million in a copper processing project in Kalulushi in Copperbelt Province.
The agreement was signed yesterday, with ZDA director general Albert Halwampa describing it as a strong sign of Zambia’s commitment to fostering a conducive climate for direct foreign investment.
“Today’s signing demonstrates Zambia’s steadfast commitment to supporting private investment,” Mr Halwampa said.
“This agreement strengthens investor confidence and further reinforces our nation’s position as an attractive destination for mining and industrial investment.”
Rong Xing Investments, which has been operating in the country for 10 years, is located in the Sabina area on the Mufulira road in Kalulushi.
A Zambian subsidiary of Jin Xun, it has already invested US$42 million into the project while US$30 million is currently being invested in the construction of plant III and over US$50 million is earmarked for future mining asset acquisitions and resource development.
The primary business focus of the project is processing copper ore into high-grade copper cathodes and concentrates.
Mr Halwampa said the expansion project will significantly scale up Rong Xing’s operational capabilities, using modern mineral processing methods including solvent extraction-electrowinning (SX EW) and hydrometallurgical technologies to enhance efficiency and productivity.
The upgrade will boost the facility’s copper cathode production capacity from 5,500 tonnes to 10,000 tonnes per annum, directly aligning with the Government’s strategic goal of increasing copper production to three million tonnes annually while driving downstream value addition.
The investment is set to bring substantial social and economic benefits to the local community with 506 jobs already created while the expansion will create an additional 194 direct jobs, pushing the total workforce to 700.
Mr Halwampa said there is need for Zambia to position itself as a manufacturing hub for electric vehicles (EVs), batteries and related components by leveraging its rich mineral endowment to drive industrialisation, create jobs and accelerate economic growth. https://enews.daily-mail.co.zm/welcome/home