DEFENCE MINISTER CLARIFIES EXORBITANT COST OF SETTING UP A SMELTER IN NORTH-WESTERN PROVINCE BY ZNS
Defence Minister Ambrose Lufuma has clarified that the $15 billion Chinese investment through Zambia National Service –ZNS- extends beyond establishment of a Copper Smelter Plant.
Opposition Patriots for Economic Progress-PEP- leader Sean Tembo recently expressed worry at the $15 billion cost of setting up a smelter by ZNS in North-Western Province, describing the amount as exorbitant.
But speaking when the Asian Economic Development Association paid a courtesy call on him today, Mr. Lufuma said the investment encompasses a Greenfield Copper Mine, a fertilizer plant, and a value addition factory.
Mr. says in addition to the aforementioned projects, there are plans for a gas station and fuel storage plant, the development of solar power infrastructure, and the assembly of electric cars.
Further, Mr. Lufuma says with the same funding investments will be made in the enhanced production of essential agricultural crops such as maize, rice, beans and cassava.
And Asian Economic Development Association Representative Dr. Wang Haipeng expressed delight with the current investment climate the country and pledged more investments in the country aimed at aiming to promoting meaningful economic growth.
ZNS through Eagles Holdings Limited group of companies has signed a memorandum of understanding with Chinese firms which will result in the $15 billion funding for various investment initiatives over a period of five years.
PHOENIX NEWS
The Minister of Defense and ZNS must stick to what they know best. Straying into uncharted waters will be disastrous and costly for ZNS and the country. The investment plan is too wide ranging and the amount involved is substantial.
ZNS is not an investment company and has no corporate experience for them to engage in such a huge investment. It does not make sense no matter what justification you come up with. Let’s be prudent in our use of the meager resources we have, especially borrowed resources.
We are grappling with a debilitating debt burden and we start floating such grandiose and meaningless investments? Truly, we never learn!