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.