$100m set aside for South East Ore Body Mine
Published On February 26, 2014 » 2714 Views» By Davies M.M Chanda » Latest News, Stories
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THE Non Ferrous Africa Mining Corporation (NFCA) has committed US$100 million in this year’s financial budget towards the development of the South East Ore Body Mine (SEOB) in Chambishi as it seeks to expedite the project.
The project when completed, will create more than 5,000 jobs.
NFCA chief executive officer Wang Chuilai said the mining firm was committed to developing the SEOB because the future of company largely depended on the project.
Mr Wang said this on Tuesday when Copperbelt Minister Mwenya Musenge toured the company.
He said NFCA’s planned investment in the development of the SEOB was US$830 million and that by last year, the company had injected in a total of $123 million.
“The future of NFCA depends on the SEOB and this is why we are determined to have the project successfully completed.
“We are so far on course in the implementation of the project and its completion date is 2017,” he said.
He said when completed, the SEOB would increase the life span of the mine by 25 years.
Mr Wang said NFCA had made significant social and economic contributions and that the company had a workforce of more than 3,000 workers.
“Apart from creating employment, NFCA is contributing to the economy of the country through the various forms of taxes we are paying to Government,” Mr Wang said.
He said from inception up to the end of 2013, the company had paid to the Government a cumulative US$150 million in taxes, which included mineral royalty tax, company income tax, Payer As You Earn (PAYE), Value Added Tax (VAT).
He said further, the company had paid dividends to the Zambia Consolidated Copper Mines-Investment Holding (ZCCM-IH).
And Mr Musenge expressed happiness with the Chinese investment in the country. He sited NFCA which he said had significantly contributed to the growth of the economy.
“Before we formed Government, there was a perception that President Sata did not like Chinese investment but you have seen for yourself that this is not true.
“We are actually grateful for the contribution you are making to this country and it is our desire that we continue building on our bilateral relations,” Mr Musenge said.
He commended the mine for its outstanding safety record and urged the company to continue investing in the safety of its workers.

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