| China launches mining program in Zambia |
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issue time:2007-03-10 08:12
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Feb. 5, 2007 (China Knowledge) - China launched a copper mining partnership with Zambia on Sunday.
Chinese President Hu Jintao, who is in the Zambian capital of Lusaka as part of his tour of the African countries, launched the economic partnership zone with Zambian President Levy Mwanawasa.
The zone, which is centered around the Chambishi copper mine in Zambia's Copperbelt province, is designed to draw US$800 million in mining investment from scores of Chinese companies and create 60,000 jobs.
China already has poured hundreds of millions of dollars into Zambia's copper sector, which accounts for 60% of the country's exports.
Since the late 1990s, Chinese investments in the southern African nation have soared and now total US$500 million - the third largest after those of South Africa and Britain.
Hu’s next stop in his African tour is Namibia, his fifth stop on an eight-nation tour. His tour is seen as a way to increase Chinese investment in the continent, which is rich in natural resources although it suffers from widespread poverty.
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