CHAMBISHI METALS TO REOPEN SOON AS ZAMBIA REVAMPS ITS COBALT PRODUCTION IN READINESS TO HARNESS BENEFITS OF ELECTRIC VEHICLES
By Michael Kaluba
Zambia has continued positioning itself to harness the benefits of the Electric Vehicle-EV- batteries boom with government reassuring that Chambishi metals will soon reopen so that the country revamps its cobalt production.
Mines and Mineral Development Minister Paul Kabuswe says talks between ERG Africa and some potential investors are advanced but that the asset will only reopen once processes and procedures are followed and completed.
Mr. Kabuswe tells Phoenix news that Chambishi metals is among the assets that need to be unlocked for job creation and to implement the memorandum of understanding on EV battery manufacturing with the democratic republic of Congo, hence the ongoing talks between ERG Africa, the owners of the plant and the interested investors.
He adds that while government wants to open the asset, it wants the process to be done properly and for operations to resume to create both direct and indirect jobs as well as position the country to benefit from the global demand for electric vehicles.
According to the latest research study, the demand of global electric vehicle market size and share was valued at roughly $185 billion in 2021 and is expected to reach $980 billion by 2028 at a compound annual growth rate- of 24.5% during the forecast period 2022 to 2028 while Zambia has all the minerals needed for EV batteries manufacturing, including copper, cobalt and manganese.
PHOENIX NEWS
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