Business
October 25, 2005
Zambian copper mines to invest 1 billion dollars by 2008
Major copper mines in Zambia will spend one billion US dollars to boost their copper production from around 500,000 tons to 800,000 tons a year by 2008, the Chamber of Mines of Zambia has said.
Frederick Bantubonse, general manager of the chamber, was quoted by Tuesday's independent newspaper The Post as saying that over one billion dollars have already be pumped into copper mining for plant rehabilitation and expansion since the completion of the privatization in the year 2000. At the moment, all mining firms are carrying out major projects to increase their production, he said.
Konkola Copper Mines (KCM), the country's largest copper mine, is spending 400 million dollars on the Konkola deep mining project, which be operational by 2009.
Mopani, another major mine, is spending 273 million dollars on several projects, including the building of a leaching plant, a new acid plant and the upgrading of its smelter.
Kansanshi mine, a 290-million-dollar investment by the Canadian First Quantum company and officially operational only in August this year, will also set up a multi-million-dollar pressure leach project.
Major investment projects are also underway or being planned by Chambishi Metals, Luanshya Copper Mines, Chibuluma Mines and Chambishi mines. Though not mentioned in the report, the biggest investment in the next few years is certainly the Lumwana mine by Equinox firm from Australia. The mine in Northwestern Province is expected to produce 140,000 tons of copper a year when it start production around 2007.
Zambia is the world's fourth bigger copper producer. Figures from the chamber show that the country produced 204,362 tons of copper in the first six months of the year. Production in 2005 is estimated at 556,000 tons, up 39 percent from 2004.
Source: Xinhua
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