Q FM Africa's Modern Radio
Two South Korean companies have shown interest to invest in the Zambian mining and energy industries as soon as they conclude consultations.
Representatives from KEPCO KPS and LG International disclosed their interests when they met Zambia’s High Commissioner-Designate to South Africa, Emmanuel Mwamba in Pretoria yesterday.
KEPCO KPS Chief Representative, Jason Lee told the High Commissioner that his company had experience in thermal, nuclear, hydro and solar power plant maintenance technology.
He said KEPCO KPS has previously undertaken projects in Madagascar, India, Uruguay, Pakistan, Australia, Philippines Mexico, Bangladesh, Kenya and Morocco and has been working with South Africa’s power utility company, ESCO since 2008.
Mr. Lee said they would be happy to meet relevant officials in Zambia to discuss modalities of how his company could get involved in the Zambian market.
He said KEPCO KPS was finalising collection of information so that they could understand Zambia’s situation before making a formal proposal.
And Chief Representative at LG International, Johannesburg office, Dow Lee said his company was involved in a wide range of projects and had identified various areas of interest in Zambia which include the copper, coal and gold mining sectors.
Mr. Lee said he has been to Zambia before and understood the general situation of the mining sector but would like to travel back to check if opportunities still existed.
He expressed concern at the current low copper prices which he said were the major hindrance to exploring the sector.
LG International, which is a sister company to LG Electronics, is into natural resource development and industrial infrastructure business in emerging countries with growth potential.
In response, Mr. Mwamba advised LG International to look at the current low copper prices as an opportunity in itself.
Mr. Mwamba pointed out that prudent investors in the commodity market opted to acquire assets when prices were low because they understood that the trend was such that prices for commodities fluctuated.
He noted that it would be important for LG International to make gold processing materials available in Zambia as this would encourage value addition to the metal unlike the current situation in which it is exported in its raw form.
Mr. Mwamba told the two representatives that the High Commission in Pretoria will facilitate their visit to Zambia by arranging meetings with the relevant offices.
The High Commissioner said the proposal by KEPCO KPS was convenient as the country was facing a huge power deficit partly resulting from some old power plants which could not operate at their optimum capacity.
This contained in a statement issued by Press Secretary at Zambia’s high commission to South Africa Nicky Shabolyo.