CNMC making massive Zambia investment increase
Updated: 2011-11-22 07:55
By Song Ping (China Daily)
The China Nonferrous Metal Mining (Group) Co Ltd (CNMC) plans to significantly increase its investment in Zambia, over the next few years, by the equivalent of what it has spent there over the past 12 years, according to a senior executive of the company.
CNMC, one of the earliest Chinese companies in the non-ferrous metals industry to adopt a "go-aboard" policy, plans to make a nearly $2-billion investment in Zambia, during the 2011-2015 period, its vice-president, Tao Xinghu, said.
Tao added that the company, which is primarily engaged in the development of nonferrous metal resources, construction engineering and related services, is optimistic about its future in the African country.
He noted that the investment is not just for production and expanded operations. It will also be used for infrastructure construction and even charity, for example, for a 3,000-unit housing complex to provide better living conditions for local workers.
He said that the Zambia-China Economic and Trade Cooperation Zone, in which has CNMC backing, is running smoothly and the various infrastructure projects are moving ahead step-by-step.
The zone has attracted 14 corporations and a whopping $1 billion worth of investments. It has a planned area of 17.28 square kilometers and is the first overseas economic and trade cooperation zone in Africa to be set up by China. It is also the first multi-facility economic zone to get Zambian governmental endorsement.
CNMC made its first investment in Zambia in 1998. It has nine corporations there providing 12,500 jobs, and has paid more than $90 million in taxes, for the greatest investment of any Chinese company in that country.
Looking ahead, Tao, who has worked in Zambia for nearly 10 years, is optimistic and has said that, in its overseas investment projects, CNMC places a great deal of emphasis on the welfare of local employees. Meanwhile, it is active in charitable works and infrastructure construction, with the local government and the people's support.
So far, it has put about $120 million into infrastructure construction and has given as much as $10 million in donations and sponsorships, in Zambia.
CNMC was one of the earliest of China's enterprises in its industry to look for global cooperation. It is currently developing and operating mineral resources in Chambishi and Luanshya, Zambia, where it owns the Chambishi copper smelter and leaching plant.
(China Daily 11/22/2011 page15)