Chinese firm launches $832 million Zambia copper mine

China Daye Non-Ferrous Metals Mining

22/08/2018 16:39

LUSAKA, Aug 22 (Reuters) - NFC Africa, majority owned by
China Non-ferrous Metals Company  0661.HK  Limited (CNMC), on
Wednesday launched output at a new $832 million Zambian copper
mine, extending the firm's lifespan by over 20 years.
    Zambia, Africa's second-largest producer of the metal, saw
output rise 10.6 percent in the first half of the year on the
back of stable power supply and relatively higher metal prices
in recent months.  urn:newsml:reuters.com:*:nJ8N1UT01U
    Trial production begun last week at Chambishi South-East
Mine, which is expected to produce 60,000 tonnes of copper at
full capacity by 2020, NFC Africa spokesman John Mtonga said. 
    NFC Africa currently mines at the Chambishi Main Mine and
Chambishi West Mine and had been developing the Chambishi
South-East Mine, Mtonga said.   
    Zambia's President Edgar Lungu said during the launch that
NFC Africa had so far invested more than $500  million of the
total planned project investment of $832 million in the project,
about 400 km (250 miles) northwest of Lusaka.
    The South East Ore Body has copper ore reserves estimated at
more than 76 million tonnes at an average grade of 2.18 percent,
according to a document submitted to the environmental agency. 
    Other foreign mining companies operating in Zambia include
Canada's First Quantum Minerals  FM.TO , Glencore  GLEN.L ,
Barrick Gold  ABX.TO  and Vedanta Resources  VED.L .

 (Reporting by Chris Mfula
Editing by James Macharia)
 ((chris.mfula@thomsonreuters.com;))