Maravi

Kavindele’s North-West Railway Company seals US$500m worth deal with US firm

Kavindele’s North-West Railway Company seals US$500m worth deal with US firm
TIME PUBLISHED - Friday, June 10, 2011, 3:03 pm

North-West Railway Company (NWR) has entered into a Memorandum of Understanding (MoU) with Tagos Group of Companies, a United States (US) based company. The MoU is for the implementation of the 405 Kilometre rail project at a cost of US$500 million.

ZANIS reports that NWR Chairman Enock Kavindele said the project is important for the country as it will open up North Western Province to a lot of mining activities. Mr Kavindele disclosed that North Western Province now produces about 66 percent of the country’s copper but that there is no means of bringing ore to smelt the copper.

The North West Rail Company Chairman said during a Press Briefing in Lusaka today at Mulungishi International Conference Centre on the sidelines of the 10th Africa Growth and Opportunity Act (AGOA) forum that a lot of work has been made.

He said the Province has been been depending on trucks to haul the ore adding that this had resulted in congestion on the road.

Mr Kavindele said the implementation of the North West rail will give a different outlook to the province.

He said about 4000 jobs are expected to be created from the project that will largely be financed by the American company.

He further said Government has given a lot of licences to various mining companies for mining rights and explorations in the province hence the project will help enhance mining activities in the area.

Mr Kavindele described the project as big and that it will require the support of all stakeholders including Government, the Private Sector among others.

Speaking at the same briefing, Tagos Group of Companies Chairman Milton Scot said transparency and a good democratic government was the yard stick for US investment in any particular country in the world.

Mr Scot said Zambia’s positive democratic and transparency record has helped the country attract capital investment from the US.

He urged the Zambian Government to continue upholding transparency and good democratic principles for accelerated US investment in the country.

ZANIS

Labels: ENOCH KAVINDELE, INFRASTRUCTURE, RAIL

posted by MrK @ 2:24 AM