Local Newsmining

Elsewedy Electric $500m planned investment at concept stage

Article by Zambia Business Times http://Elsewedy Electric

The Elsewedy Electric Company of Egypt local unit has disclosed that it intends to invest about $500 million and will set up its own mining company in Zambia. However, the planned investments are currently at concept stage.

Speaking in an exclusive interview with the Zambian Business Times – ZBT Elsewedy Electric country Manager Mohamad Hassan said the investment budget is not yet out or finalized but is projected to be about US$500 million in total investments.

El Sewedy Electric country Manager disclosed that the mineral to be mined is Copper which will be locally fabricated to produce copper rods used in making transformers, wires, and also start to make sheets for automotive batteries etc.

When asked by ZBT where the El Sewedy Copper Mine would be located and if the company has acquired a  mining licence, the Country Manager said the place where the mine is to be set has not yet been finalized as they are still in talks with other stakeholders.

Hassan said for the mining development and eventual mining operations, the company is projecting to employ over ten thousand (10,000) Zambian employees. He stated that the company currently has many projects in Zambia which include a transformer unit established in 2009 co-owned by el Sewedy and ZESCO with about 120 permanent employees.

El Sewedy Electric country Manager said the motive behind the investment is to foster development as the company is a chain as it is specialises in Wire & cable, electrical products, smart infrastructure and infrastructure development.

He said from the same mining which where the main shareholder will be government, the company intends to create a Fabrication factory which will be making rods for cables, sheets, wires, wire copper core for transformers etc.

He said once the new projects are actualized, they will mainly benefit local Zambian people as most of the 10,000 people to be employed will be Zambians. The Country Manager said the projects are likely to commence this year but could however not disclose the actual month when further queried by ZBT.

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