ZDA signs $122m copper deal with Rong Xing
The agreement aims to boost copper cathode production and create 700 jobs in Kalulushi.
The Zambia Development Agency (ZDA) signed an investment promotion and protection agreement with Rong Xing Investments for a US$122 million copper processing project in Kalulushi. The deal, signed yesterday, involves Rong Xing investing in a project that will process copper ore into high-grade copper cathodes and concentrates.
Rong Xing Investments, a Zambian subsidiary of Jin Xun operating in Kalulushi for 10 years, has already invested US$42 million and is currently investing US$30 million in plant III construction. ZDA director general Albert Halwampa stated the agreement strengthens investor confidence and Zambia's position as an attractive mining destination.
The expansion project will increase copper cathode production capacity from 5,500 tonnes to 10,000 tonnes annually, supporting the government's goal of three million tonnes of copper production. The investment has already created 506 jobs and will add 194 more, bringing the total workforce to 700.
Why it mattersThe investment will create 700 jobs and increase copper production capacity.