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On Monday, Luo Tao signed an agreement with the Zambian government on joint development of a project. During this period, he said that the investment of 600 million U.S. dollars will be launched soon, and it is hoped that all investment will be put in place by the end of next year.
Luo Tao said that 300 million US dollars will be invested in the Luanshya copper mine, and most of this funds will be used to develop the Mulyashi copper project.
According to official data, China Nonferrous Mining plans to start developing the Mulyashi copper mine after completing the feasibility study this year. It is expected to start production in 2012 with an annual production of about 60,000 tons of copper. Luo Tao said that the other $300 million will be used for capacity expansion of existing projects such as the Chambishi copper smelting furnace.
China is the world's largest copper consumer, and Zambia is Africa's largest copper producer. Luo Tao said that China Nonferrous Mining has invested $1 billion in Zambia in the past 12 years.
China's nonferrous mining industry layout Zambia develops copper resources
Luo Tao, general manager of China Nonferrous Metals Mining Group (CNMC), said that the company plans to invest 600 million U.S. dollars in Zambia in 2010-2011, optimistic about the country's rich mineral resources and stable political environment. Luo Tao said that the funds will be used to purchase new mineral equipment, develop new copper mines, expand the output of existing copper mines and furnaces, develop tax-free economic zones, and expand a copper processing plant.