China pledges $5 billion investment in Zambia's mining sector through new association
China has officially launched the Chinese Mining Enterprise Association in Zambia (CMEAZ), a strategic initiative aimed at boosting the Zambian mining industry with a projected $5 billion investment by 2031.
The launch event took place in Lusaka on November 12, where Zambia's Mines and Minerals Development Minister, Paul Kabuswe, highlighted the significant role this association will play in advancing the nation’s copper production goals, as reported by local news outlet ZNBC.
“The association will contribute to Zambia’s three million tonnes copper production strategy,” said Kabuswe in a speech delivered on his behalf by Tobias Musonda, Director of Planning and Communication.
The new association, CMEAZ, will also function as a collaboration platform, supporting Chinese mining companies operating in Zambia to deepen their partnerships and cooperative efforts with the country.
Chinese Ambassador to Zambia, Han Jing, emphasised the longstanding relationship between Zambia and Chinese enterprises. "Companies from China have made significant investments of over $3.5 billion over the past 25 years," he stated.
Zambia’s mining sector remains critical to the national economy, producing copper and other essential minerals. The Ministry of Finance and National Planning reports that in the first quarter of 2024, mining contributed 15.6% to Zambia’s total economic output, maintaining its position as the second-largest contributor to the nation’s GDP for both 2023 and early 2024. Globally, Zambia ranks as the 10th largest copper producer, holding this position consistently in 2022 and 2023.
