ZCCM-IH welcomes FQM investment of $1.25 billion

 ZCCM-IH welcomes FQM investment of $1.25 billion

By Staff Writer
ZCCM-IH has welcomed the announcement by First Quantum Mine (FQM) to invest $1.25 billion in the S3 Kansanshi mine expansion project.

ZCCM-IH Board Chairperson Dolika Banda said the board is elated with this announcement as it will lead to renewed vibrancy in the mining sector.

Ms Banda said ZCCM-IH is pleased to partner with FQM in a manner that will build the economy and create jobs for inclusive growth in the country.

She also said that this should demonstrate to the investment world that Zambia is open for business.

“The project will extend the life of the mine until the 2040s, increase copper and gold production by around 25%. It will also add approximately 800 permanent jobs, and a further 1,800 during the construction phase,’ she said.

ZCCM-IH has a 20% shareholding in Kansanshi Mining Plc.

First Quantum Minerals this week approved plans to invest US$1.25 billion in its long-awaited expansion of Kansanshi’s operations in Solwezi known as the ‘S3’ project and a final US$100 million to start its $250 million Enterprise nickel project in Kalumbila.

Together, the two investments represent the largest investment in Zambia since FQM’s Sentinel project was approved in 2012 and are the first step in realising the Government’s vision for the mining sector, which includes increasing production to 3 million tonnes of copper a year within the next decade.

 

The S3 project includes:

  • A new larger mining fleet
  • An expansion to existing sulphide processing capacity:

*Additional concentrator capacity to treat 25 Mtpa sulphide ore

*An additional SAG and ball mill (equivalent to one circuit at Sentinel)

*Construction of overland conveyor to transfer crushed ore from in-pit primary crushers

*Flowsheet based on existing copper sulphide ore treatment circuits.

Alice Nachilembe

https://tiozambia.com

Alice Nachilembe is a Journalist who yearns for a better country with leaders being accountable to their mandate without oppressing the governed.