May 25, 2010 (DOW JONES NEWSWIRES ) -- China Nonferrous Metal Mining (Group) Co. will next month invest at least $270 million to develop its Mulyanshi copper mine in Zambia, aiming to commission the mine next year, the Post Newspaper reported Tuesday.
The daily quoted CNMM president Luo Tao as saying the company plans to produce 40,000 metric tons of copper cathodes a year at Mulyanshi. CNMM has previously estimated the mine's lifespan at 10 years.
"After careful studies, we have agreed to go ahead with the Mulyanshi project," Luo was quoted as saying. "Everything has been done including engineering drawings."
CNMM also plans to spend $40 million this year to modernize equipment at its nearby Luanshya copper mine in order to increase production, he said.
Zambia is Africa's top copper producer.