First Quantum Minerals FQM has launched the Largest Nickel Mine in Africa -Enterprise Nickel Mine – in Kalumbila District of North Western Province that will see the miner take in about $800 million in annual revenues.
Speaking during an official launch of the ground breaking ceremony Monitored by the Zambian Business Times –ZBT – President Hakainde Hichilema who officiated the ground breaking ceremony said the project will focus on mining and processing nickel which will contribute towards the raw materials that will be used in the electric vehicles.
President Hichilema said the project will play a key role in the nation’s continued development. The enterprise Nickel Project is expected deliver quit a lot as it will contribute too many value aspect and value components.
He reiterated that the project will also help the vision that Zambia has in playing a critical part towards the transition of energy from brown energy to energy the will reduce carbon emanations. This will help in transitioning from Fossil fuels to electric vehicles which requires nickel.
The Zambian president said he was fortunate that the country will host a fair share of the Nickel which will be produced and other minerals being mined.
Earlier ZBT has reported that once operational the project is expected to generate over $800 m will raise treasury income which part of the income will be channeled to support the free education policy.
The new Enterprise Nickel mine located approximately 14 kilometres from FQM sentinel mine in Columbia, has been given the go ahead, following FQM’s pledge to invest a final US$100 million in the project.
Once operational, the enterprise will be on the top ten 10 global nickel mine producing 30, 000 tons of nickel in concentrate annually, which will make Zambia Africa’s pre-eminent nickel producer. See for earlier article on this nickel mine https://zambianbusinesstimes.com/fqm-nickel-mine-to-generate-800m-revenue-per-year/
This came after election of Hakainde Hichilema as Zambia’s new president last year which saw the country reformed tax regulations in its national budget with new rules that mean that royalties mining companies pay are deductible from corporate tax.
Following this announcement, First Quantum pledged to expand its Kansanshi operations at Solwezi, known as the S3 project for about $1.25bn and also spend the final $100m instalment on its $250m Enterprise nickel project in Kalumbila District of North Western Province.
