Chinese bankrolling Zambian mining

Mining exploration and development in Zambia is to receive a US$5-billion boost in the form of loans from the China Development Bank offered to mining companies. Zambian minister of mines and minerals development Maxwell Mwale made the announcement in an interview with the Zambia Daily Mail recently. President Rupiah Banda is also quoted by the state-run news agency Zanis as saying that the medium-term and long-term loans would be provided to private companies operating in Zambia under an agreement signed between the Ministry of Mines and the China Development Bank. China has also announced that it will be providing U$1-billion in equity capital to help the country increase its electricity generation capacity – which will be needed to power the new mining operations. This will be good news for the freight industry, which is largely driven by the Zambian mines