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NFC Africa Mining PLC (NFC), a subsidiary of China Non-ferrous, China's largest supplier of non-ferrous metals, will buy up to 85 percent of the shares of Luanshya Copper Mines (LCM) in Copperbelt Province, Zambia.
A government technical panel will enter into negotiations with NFC to work out issues related to the takeover and the talks will be concluded by May 22, according to local media.
The LCM, with an annual production capacity of 50,000 tons of copper, was closed down late last year in wake of the global economic meltdown which has affected prices of metals, leaving 1, 700 workers jobless.
(Source: chinamining.org)
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