Zambia falls on China, India for help

  1. Posted on Wednesday 21 January 2009 - 10:00
    Sam Banda Junior
    Image of Sam Banda Junior
    Sam Banda Junior, AfricaNews reporter in Blantyre, Malawi
    Zambia is in talks with China and India firms to take over Luanshya Copper mines which closed down 2008. It stopped operations and laid off employees due to "low cost of copper and high fuel prices." President Banda said investors from the Asian countries have expressed interest to bail out the mines.
    china_africa.jpg
    AfricaNews correspondent said President Banda, who succeeded late Levy Mwanawasa last year faces a challenge of uplifting the country which heavily relies on copper for its economic boost.

    "The Chinese and the Indians are the (only) ones with money left to invest in Zambian mines. They have shown interest in coming to invest in this industry," Banda said.

    He said they were currently in talks with Luanshya Copper Mines management to ensure all administrative and operational structures return to normal.

    A Reuters report said Luanshya which operates the Baluba copper mine and Chambishi Metals Plc, Zambia's largest cobalt producer, is a joint venture of international Mineral Resources and Bein Stein Group Resources.

    The report further said most mines in the country which are major employers, are struggling with a fall in global metal prices. China and India are among the donors who have taken an interest to develop the African continent which is rich in mineral resources.

    Most of its firms have descended on African countries running various businesses and creating employment.

    Recently, China’s foreign minister Yang Jiechi said his country would continue to support Africa in various sectors despite the global crisis.

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