First Quantum approved $1.25 billion copper expansion in Zambia

First Quantum Minerals Ltd has approved a $1.25 billion project to expand its Kansanshi copper mine in Zambia.

The investment will extend the life of one of Africa’s biggest copper mines until the 2040s and increase copper and gold production by about 25%, the company said in a statement Sunday.

This comes after Hakainde Hichilema’s government committed to a more predictable investment climate.

Zambia has implemented business-friendly reforms including allowing mining companies to deduct mineral royalties from their income tax assessments.

Hakainde said: “Investor confidence is up, inflation is down, education is free, and new jobs are coming. We still have much work to do and we must all take responsibility for the development of our nation.”