China's Chingfa Mineral Resources Limited last week announced plans to invest about US$500 million in its new mining opportunity in Mokambo. The mine is expected to be fully operational in two years time would allegedly create around 3,000 jobs maximum, will production of about 50,000 tonnes of copper per year. [the employment figures are obviously anybody's guess]. Exploration works end in October
Clive Chirwa has recently been vocal on the issue of mining taxation :
The people who own the mines are taking away 98 per cent of the revenue and our share as a country is two percent. You cannot develop a country like that. You cannot build the roads; you cannot build schools and hospitals. If you look at the performance of those countries where our mineral resources are taken then you can see that we are tremendously losing on everything. China which takes our copper produces more than us…Zambia has just moved from three percent to six per cent on mineral royalty and they are telling us we cannot impose a higher royalty on the mines and they threaten to pull out but in their country they get 24 per cent.