- Title: ZAMBIA: Zambia urges foreign firms to process copper
- Date: 23rd April 2009
- Summary: SOLWEZI, ZAMBIA (APRIL 17, 2009) (REUTERS) MINING TRUCK LOADED WITH SOIL CONTAINING COPPER DEPOSITS MINING TRUCKS DRIVING IN OPPOSITE DIRECTIONS VARIOUS OF LUMWANA OPEN-PIT COPPER MINE MINE OFFICIAL EXPLAINING THEIR OPERATIONS TO ZAMBIAN PRESIDENT RUPIAH BANDA RUPIAH BANDA, ZAMBIAN PRESIDENT, CUTTNG RIBBON / PEOPLE CLAPPING BANDA WALKS TO PODIUM TRADITIONAL LEADERS IN AUDIENCE CRAIG WILLIAMS, PRESIDENT AND CHIEF EXECUTIVE OFFICER, EQUINOX MINERALS SEATED WITH OTHER OFFICIALS (SOUNDBITE) (English) RUPIAH BANDA, ZAMBIAN PRESIDENT, SAYING: "We trust you Equinox and your directors and your investors, and please trust us. We will work together so that you can expand this investment to the mutual benefit of the Zambian people and yourselves." ZAMBIAN CABINET MINISTERS (SOUNDBITE) (English) CRAIG WILLIAMS, PRESIDENT AND CEO, EQUINOX MINERALS, SAYING: "The largest copper mine to have been built anywhere in the world in the last three years. The largest single investment in Zambian history and a state-of-the-art mine that will produce about 30 percent of Zambia's copper providing thousands of jobs and development opportunities for the country." AUDIENCE (SOUNDBITE) (English) RUPIAH BANDA, ZAMBIAN PRESIDENT, SAYING: "Many of them folded up and told us that they were leaving. They were placing our mines under care and maintenance, but now the prices are going up. I hear they are coming and they are lobbying some Members of Parliament, fortunately not from my party, to ask them to tell us that we should reconsider them to come back. Of course the answer is no. We will stay only with the serious investors." MACHINERY AT LUMWANA OPEN-PIT COPPER MINE PEOPLE WALKING UNDER NEWLY-INSTALLED ELECTRIC POWER CABLE AT THE MINE
- Embargoed: 8th May 2009 13:00
- Keywords:
- Location: Zambia
- Country: Zambia
- Topics: Industry
- Reuters ID: LVAA0LNEO71Y8Q7RUATC90OCQ0SO
- Story Text: Zambia prods foreign mining firms to set up copper processing facilities to process finished products for export.
In a bid to raise more revenue and create jobs, Zambian President Rupiah Banda on Friday (April 17)called for foreign mining firms to set up copper processing facilities in order to make finished products for export.
Zambia is Africa's biggest copper producer.
Banda was speaking in Solwezi, 700 kilometres northwest of the capital Lusaka, where he commissioned the Lumwana copper mine, a unit of Australia's Equinox Minerals Ltd.
Copper production is expected to peak at 170,000 tonnes at the mine this year.
International companies like El Sewedy Cables, one of the biggest cable manufacturers in the Middle East, have already set up factories to the tune of
4 million US dollars in Zambia's Copperbelt.
Banda said his government would provide the necessary support to investors seeking to process copper.
Zambia has previously provided tax relief on imported equipment and machinery and also waived a 16 percent value added tax to investors in the mining sector in an effort to woo more foreign investments.
Banda also said Equinox Minerals had spent 1 billion US dollars over 12 years developing the Lumwana mine , including a new town in the area, making it the largest single investment Zambia has ever seen.
"We trust you Equinox and your directors and your investors, and please trust us. We will work together so that you can expand this investment to the mutual benefit of the Zambian people and yourselves," he said.
Banda hailed Equinox Minerals for continuing to develop the Lumwana copper mine even when the global financial crisis was affecting the operations of the industry following a slump in world metals prices.
"The largest copper mine to have been built anywhere in the world in the last three years. The largest single investment in Zambian history and a state-of-the-art mine that will produce about 30 percent of Zambia's copper providing thousands of jobs and development opportunities for the country," said Craig Williams, president and CEO of Equinox Minerals Ltd.
Banda said mine investors who left Zambia at the time copper prices hit record low levels would not be accepted back.
"Many of them folded up and told us that they were leaving. They were placing our mines under care and maintenance, but now the prices are going up. I hear they are coming and they are lobbying some Members of Parliament, fortunately not from my party, to ask them to tell us that we should reconsider them to come back. Of course the answer is no. We will stay only with the serious investors," said Banda.
Copper mining is the economic lifeblood of this southern African country of 12 million people, where authorities say copper production will rise to over 600,000 tonnes this year from 569,887 tonnes in 2008. - Copyright Holder: REUTERS
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