Friday, January 16, 2009

Chinese Company wants to Invest $700M In Zambia's Copperbelt

Jan 15, 2009 (Dow Jones Commodities News via Comtex)

Chinese-funded companies have pledged to invest $700 million in Zambia's Chambishi Multi-Facility Economic Zone on the Copper Belt which starts operations next week, the Daily Mail of Zambia reports Thursday.

The investment commitments were made by the end of 2008 by 10 Chinese-funded enterprises accommodated in the Zambia-China Economic and Trade Cooperation Zone, the state-owned daily quoted Chinese ambassador to Zambia, Li Qiangmin as saying.

The investments are mainly expected in mineral processing on Zambia's Copper Belt as Chinese companies seek minerals for their resource-hungry country.

Qiangmin said among the 10 companies are Nonferrous Metals Corporation Africa, Sino Metals and Sino Acid.

The paper quoted Felix Mutati, Zambia's minister of Commerce, Trade and Industry as saying that Chinese investors had continued to show confidence in the Zambian economy despite the current global economic crisis.

Chinese firms have already invested more than $300 million towards infrastructure development in the Chambishi zone, the minister said.

Chinese-owned China Nonferrous Metals Mining Corporation already owns Chambishi Copper Mine in Zambia and is in the process of commissioning a 150,000-metric-tons-a-year Chambishi Copper Smelter.