NFCA to inject more money into Zambian copper project

copper mine- Phil Scoville flickrThe Non-Ferrous Africa Mining Corporation (NFCA) will invest an additional US$100mn in 2014 towards the development South East Ore Body Mine (SEOB) copper project in Zambia’s Chambishi

NFCA is jointly owned by Zambia Consolidated Copper Mines-Investment Holding (ZCCM-IH) and China Nonferrous Metals Company Limited with 15 per cent and 85 per cent stake respectively. The project is expected to be completed by 2017.

NFCA said that the US$832mn copper mine project will increase copper production to 100,000 tonnes per annum on completion in the country.

Wang Chuilai, CEO of NFCA, said, “The mining firm was committed to developing the SEOB because the future of company largely depended on the project.”

He also said that the planned investment in the development of the SEOB was US$832mn and that by 2013, NFCA had injected a total of US$123mn, according to Times of Zambia.

Chuilai added, “We are so far on course in the implementation of the project and its completion date is 2017.

”Apart from creating employment, NFCA is contributing to the economy of the country through the various forms of taxes we are paying to the Zambian government.”

Mwenya Musenge, copperbelt minister of Zambia, said, that he was happy with the Chinese investment in the country. He added that NFCA had significantly contributed to the growth of the economy.

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