Business
Wonderful investment to hit $1.5bn
MARY LEMBA Lusaka WONDERFUL Group of Companies will in the coming weeks break ground for the expansion of its ammonia and urea plants as it increases its planned investment in Zambia’s fertiliser industry from US$650 million to US$1.5 billion. The US$1.5bn expansion, expected to boost…
Picture: Zambia Daily Mail
MARY LEMBA
Lusaka
WONDERFUL Group of Companies will in the coming weeks break ground for the expansion of its ammonia and urea plants as it increases its planned investment in Zambia’s fertiliser industry from US$650 million to US$1.5 billion.
The US$1.5bn expansion, expected to boost local manufacturing, create skilled jobs and reduce the country’s reliance on imported fertiliser, was first announced in October last year during the official commissioning of the initial urea plant under United Capital Fertiliser Zambia Limited (UCF) by President Hakainde Hichilema.
Wonderful Group deputy chief executive officer Roy Mwamba said the expansion project will add 520,000 metric tons (mt) of urea, 400,000mt of ammonium nitrate and other ammonia products to the company’s production capacity.
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He was speaking in Lusaka during the signing of a memorandum of understanding between Copperbelt University (CBU) and UCF Limited.
Mr Mwamba said the increased production capacity will create greater demand for chemical engineers, making the partnership with CBU critical to developing the human capital required to support Zambia’s expanding manufacturing sector.
He said the company initially projected a requirement of about 400 chemical engineers when it launched its urea plant, but the planned expansion could significantly increase the demand for specialised skills.
“This partnership between United Capital Fertiliser and CBU will be the veritable and actual bridging of academia and industry,” Mr Mwamba said.
The partnership is also expected to provide students with opportunities to gain practical experience and understand the demands of industrial production.
Wonderful Group board acting chairperson Margaret Mudenda said increasing the investment to US$1.5 billion demonstrates the company’s long-term commitment to Zambia.
Ms Mudenda said the partnership with CBU will support the first cohort of 15 top chemical engineering students through annual scholarships, alongside collaborative research and the establishment of a modern chemical laboratory.
Meanwhile, Deputy Secretary to the Cabinet for finance and economic development Siazongo Siakalenge said the partnership is aligned with the Government’s Grow Zambia Agenda and the Eighth National Development Plan. https://enews.daily-mail.co.zm/welcome/home
Source: Zambia Daily Mail — Read more
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