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Article

9 Mag 2022

Author:
Mwebantu

Zambian President pledges 'beneficial ownership' as First Quantum Minerals announce billion dollar copper & nickel mining investment

Zambia Kansanshi Copper Mine First Quantum Minerals

HH calls for unity among African leaders to change the narrative about the continent, Mwebantu, 9 May 2022

PRESIDENT Hakainde Hichilema has urged African leaders to unite and change the narrative that the continent is only a source of raw materials. The President says leaders need to establish nations as leading players in the era of electric vehicles and other green innovations.

Speaking this morning at the 2022 Africa Mining Indaba, President Hichilema further disclosed that First Quantum Minerals is set to establish a USD $500 million dollar solar and wind energy installation that will be among the biggest wind and solar plants on the continent.

“We must endeavour to foster peace and stability across the continent because conflict impedes investment and the prospect of social and economic growth, that we all desire. I therefore wish to underscore Zambia’s support to all efforts aimed at resolving the ongoing conflicts on our continent,” he said.

President Hichilema also said his government is delighted with First Quantum Minerals’ announcement of two landmark investments in Zambia.

“A USD $1.25 billion dollar investment to expand production and extend the life of the kansanshi mine, and an additional $100 million dollar investment in the new enterprise nickel mine,” he said...

President Hichilema said government is also committed to ensuring transparency and accountability, adding that Zambia is an extractive industries transparency initiative (eiti) compliant country and efforts have been in place to ensure promotion of transparency and accountability in the mining sector since 2012.

He said the “eiti” is currently in the process of implementing beneficial ownership, an essential tool for promotion of transparency in the ownership of mining assets.

“We believe that the disclosure of beneficial ownership information will lead to good business practice, build confidence and trust and further signal to investors and other stakeholders that transparency and accountability are at the center of mining in Zambia,” he said.