FIRST QUANTUM MINERALS LIMITED HAS UNVEILED A US$1 BILLION INVESTMENT TO DEVELOP A NEW LARGE SCALE MINE TRIDENT IN NORTH WESTERN PROVINCE.
THE INITIAL CAPITAL INVESTMENT FOR THE PROJECT IS APPROXIMATELY $600 MILLION DOLLARS, RISING TO 1 BILLION WITH THE CONSTRUCTION OF A NEW 1.0 MTPA COPPER SMELTER AND A FURTHER $400 MILLION DOLLARS WILL BE SPENT ON FUTURE UPGRADES.
THE CONSTRUCTION OF THE TWO YEAR PROJECT IS ANTICIPATED TO START BY THE END OF THIS YEAR.
TRIDENT, CONSISTING OF POTENTIALLY THREE MINING OPERATIONS AND IS EXPECTED TO CREATE MORE THAN 400 JOBS FOR THE LOCAL ZAMBIANS, ENHANCE THE SUSTAINABILITY OF LOCAL COMMUNITY AND CATALYSE INFRASTRUCTURE DEVELOPMENT THAT WILL HELP IN THE OPENING UP OF THE WESTERN CORRIDOR CONNECTING TO NAMIBIA, BOTSWANA AND ANGOLA.
THE INITIAL ANNUAL THROUGHPUT AT SENTINEL IS ESTIMATED AT 25 MILLION METRIC TONNES OF ORE EXPECTED TO RISE UP TO 50 MILLION METRIC TONNES TO PRODUCE 300,000 TONNES OF COPPER.
FIRST QUANTUM PRESIDENT CLIVE NEWALL SAID THAT THE SIGNIFICANT GROUNDWORK HAS ALREADY STARTED AT SITE SO THE ANTICIPATED BENEFITS SHOULD START FLOWING ONCE GOVERNMENT AND OTHER APPROVALS ARE RECEIVED.
MR. NEWALL NOTED THAT THIS INVESTMENT IS ANOTHER ENDORSEMENT OF THE ZAMBIAN GOVERNMENT’S PROACTIVE POLICIES TO CREATE AN ATTRACTIVE INVESTMENT CLIMATE FOR CAPITAL INVESTMENT.
HE WAS SPEAKING IN LUSAKA TODAY AT THE LAUNCH OF FIRST QUANTUM MINERALS TRIDENT MINING PROJECT.
AND FIRST QUANTUM MINERALS RESIDENT DIRECTOR KWALELA LAMASWALA HAS ADMITTED THAT THE COUNTRY FACES THE POWER DEFICIT WHICH HE SAID WILL HAVE TO BE ADDRESSED ESPECIALLY WITH THE INVESTMENT IN THE MINING SECTOR THAT THE COUNTRY IS RECORDING.
HE IS HOWEVER OPPORTUNISTIC THAT WITH THE CURRENT INVESTMENT IN THE POWER GENERATION THIS PROBLEM WILL BE ADDRESSED AND THE COUNTRY WILL FURTHER BE ABLE TO EXPORT TO THE NEIGHBORING COUNTRIES.
PROJECT LEADER MATT PASCALL SAID THAT SUBJECT TO APPROVAL THE NEW SMELTER WILL BE BUILT IN SOLWEZI TO ACCOMMODATE THE CONCENTRATE OUTPUT FROM TRIDENT AND WILL EMPLOY A FURTHER 400 LOCAL STAFF.
AND PROJECT DIRECTOR FOR ENVIRONMENT ANDREW HESTER HAS POINTED THAT THE COMPANY WILL FOLLOW THAT LED ENVIRONMENTAL PROCEDURES SO THAT CASES OF POLLUTION ARE MINIMIZED.
AND THE JESUIT CENTER FOR THEOLOGICAL REFLECTIONS HAS CHALLENGED GOVERNMENT TO ENSURE THAT THE ECONOMIC GROWTH THAT THE COUNTRY IS EXPERIENCING TRANSLATES INTO MEANINGFUL DEVELOPMENT.
JCTR PROGRAMME MANAGER OF ECONOMIC EQUITY AND DEVELOPMENT PROGRAMME GEOFFREY CHONGO NOTED THAT WHILE THEY COMMEND THE GOVERNMENT FOR RECORDING DECENT ECONOMIC GROWTH AS EVIDENCED BY ECONOMIC STATICS IN RECENT YEARS, IT IS AN UNDISPUTED FACT THAT POVERTY LEVELS HAVE REMAINED HIGH.
HE EXPLAINED THAT ABOUT 64% OF THE ZAMBIAN PEOPLE ARE UNABLE TO MEET BASIC NEEDS SUCH AS FOOD AND NON FOOD NEEDS AS MEASURED BY THE CENTRAL STATISTICAL OFFICE ADDING THE ECONOMIC CHALLENGES THAT THE MAJORITY OF THE ZAMBIAN PEOPLE ARE EXPERIENCING ARE ENORMOUS.
MR CHONGO SAID IT IS IMPORTANT TO REMEMBER THAT ECONOMIC GROWTH DOES NOT AUTOMATICALLY RESULT IN ECONOMIC DEVELOPMENT THROUGH THE TRICKLEDOWN EFFECT AND THAT THE HIGHLY PUBLICIZED TRICKLEDOWN THEORY IS MORE OF A POLITICAL RHETORIC THAN REALITY.
HE NOTED THAT AS SUCH, ONE MAJOR CONCERNS AND AN AREA NEEDING IMMEDIATE ATTENTION IS THAT FINANCING OF GOVERNMENT BUDGET WHICH HE SAID HAS CONTINUED TO BE BORNE LARGELY BY FEW PEOPLE IN THE FORMAL SECTOR WHILE THE MINING SECTOR THAT IS MAKING HUGE PROFITS IS LIGHTLY TAXED.
MR CHONGO STATED THAT GOVERNMENT SHOULD EQUITABLY MOBILIZE DOMESTIC RESOURCES BY ENSURING THAT SECTORS THAT ARE RECORDING HIGH ECONOMIC GROWTH CONTRIBUTE MORE TO THE TREASURY WITHOUT OF COURSE COMPROMISING THE GROWTH POTENTIAL OF SUCH SECTORS.
HE HAS SINCE APPEALED TO GOVERNMENT NOT TO LOSE SIGHT OF ITS ULTIMATE OBLIGATION OF DELIVERING DEVELOPMENT THAT ENSURES POVERTY AND INEQUALITY ERADICATION BY GOOD MACROECONOMIC STATISTICS AND THE PRAISE THAT IT HAS ATTRACTED FROM THE INTERNATIONAL COMMUNITY.
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