Maravi

(DAILY MAIL) State rejects timid investors

State rejects timid investors
By JERRY MUNTHALI and DEAN MWAANGA

PRESIDENT Banda says Government will not entertain investors who left the country because of poor copper prices on the international market but want to come back to enjoy the current good commodity prices.

Mr Banda said some investors abandoned the mines at the first sight of difficulties and are now talking to opposition political party leaders to influence Government to allow them back to enjoy the current good commodity prices. He was speaking in Solwezi when he commissioned Lumwana Copper Mine yesterday.

“Go and tell them that I have refused. We are not going to allow them to come back,” Mr Banda said. He commended Equinox which is Lumwana Mine’s parent company, for its perseverance in developing the project.

President Banda said Zambia had found a true investor in Equinox.

Mr Banda said Equinox shareholders are now Zambia’s new ambassadors and should go out in the world to invite other trusted investors of their calibre.

“Government is proud of the men and women in Equinox who apply synergies across the professions to inspire confidence in lenders, equipment manufacturers and suppliers, and local communities here in Lumwana to support this Greenfield enterprise,” he said.

Green field investments occur when multi-national corporations enter a developing country and provide foreign direct investment by establishing a new venture - building new facilities and creating new long-term jobs.

Mr Banda, who observed that Equinox came to Zambia in 1996, said the company persevered with the challenges of raising investment funds.

“As a result of this perseverance and hard work, in 2006 Equinox managed to secure a US$664 million debt finance package from 14 international banks to develop Lumwana into the largest mine in Africa,” he said.

Mr Banda said this underscored the belief the company had in the Government and the people of Zambia to place large amounts of money at risk in a Greenfield project.

The President paid glowing tribute to geologists, mining engineers and all other professionals that made Lumwana a reality.

Equinox president and chief executive officer, Craig Williams said the project at Lumwana had triumphantly succeeded despite the challenges that were met by the company.

Mr Williams paid tribute to the Zambian Government for providing an environment dominated by peace and stability favourable for investment.

“It has been long time coming for us and this is a momentous occasion, not only for us who built Lumwana but also the people of Zambia,” Mr Williams said.

Labels: FDI, RUPIAH BANDA

posted by MrK @ 12:20 AM