Lusaka, Zambia — 13 July 2012 – Zambia is set to produce 1.5Mtpa of copper and become the world’s fifth largest copper producer by 2015 as a result of a succession of massive foreign investments, the Zambia Development Agency (ZDA) has said.
In a statement issued here, the agency said the project would include installation of additional SX-EW equipment from another plant, as well as new installations. allAfrica.com quotes Multi Facility Economic Zones (MFEZ) manager Robert Banda as saying that Zambia was set to be among the top five copper producing countries in the world by 2015.
Banda added that Zambia, which is currently ranked seventh, had shown the potential of producing about 1.5 million of copper per year, thereby becoming the fifth country on the list of the world’s leading copper producers.
The major foreign direct investments (FDIs) which have been injected into the sector include US $3 billion by the First Quantum Minerals, US$2 billion by Vedanta, US$7.3 billion by Barrick Gold, another US$2 billion by China Non-ferous Metal Mining Group and US $1billion by Vale.
“Zambia is expected to produce 1.5Mlbs of copper by 2015, and currently its nominal GDP is at US$19.2 billion and is contributing 50% of GDP to Africa,” Banda continued. He said that apart from that, the country had abundant natural resources which presented excellent investment and trade opportunities for investors to come into the country.
Banda pointed out that progressive banking; legal and insurance services of international standards and a stock exchange market were also available in the country.
“We would like to urge foreign investors to come and invest in Zambia because the country has a positive and investor friendly economic environment,” he concluded.
Source: allAfrica.com. For more information, click here.