Most of the stakeholders in Zambia’s metal mining sector have welcomed a planned $1 billion investment from US backers for a new copper mine in the country’s North-Western Province. They claim this will also allay concerns that the mining companies are getting more profits.

The re-investment by First Quantum Minerals Limited (FQML) was praised by Chamber of Mines president Nathan Chishimba, who said it implied that the current Government policies are favourable for investment and growth.

He claims the investment came because of such policies, stating “This just confirms what we have been talking about all along that with right policies in place, investors feel comfortable to invest their money.

“There has been a huge cry that the mining companies are getting more profits, but what we have seen in fact is that they don’t take the money out of the country but invest it back in the business as mining needs constant investment…it is in black and white.”

He said the investment is a good sign for Zambia’ s entire economy.