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Chinese Firm Wins Bid for Zambia's Luanshya Mine

iconDec 7, 2009 13:16
Source:SMM

BEIJING, May 11 -- A Chinese company won the bid to take over a major Zambian copper mine which was closed in late 2008, the Zambian government announced on Friday.

    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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