First Quantum Minerals Makes Largest Foreign Investment in Zambia in a Decade

First Quantum Minerals (FQM) has announced on the first day of the 2022 African Mining Indaba in Cape Town that it will double its investment into the Kansanshi Mine in North Western Province over the next 20 years.

FQM’s Chief Executive Officer Tristan Pascall stated that plans to double investment have reached an advanced stage, enabling them to add US$1.3 billion into the mine. Adding to this, Mr Pascall said FQM has also approved a final investment of US$100 million, in addition to the US$150 million already spent, to ensure its Enterprise nickel mine is in production within the next 12 months.

The Chamber of Mines subsequently applauded FQM’s plans, stating that the investment will have a transformative effect on both the industry as well as the wider economy.

Chamber of Mines Chief Executive Sokwani Chilembo said the two investments secured an “ever brighter future” for the industry.

Chilembo added that the investment “establishes a whole new level of excellence there with the advent of Enterprise as a global top 10 nickel mine. Secondly, this is not just a success for First Quantum and the Government; it’s a massive success for Zambian businesses and Zambian jobs. The multiplier of mining means this is likely to translate into tens of thousands of jobs created throughout the economy. This is just what we need to help dig the economy out of the hole it is in,”.

The investment is said to be the biggest foreign investment in the country in a decade as relationships with foreign mining companies deteriorated under former President Edgar Lungu.