Jul 07, 2010 (Dow Jones Commodities News via Comtex) -- Chinese-owned NFC Africa, a unit of China Nonferrous Metals Co. (8306.HK), is planning to invest at least $500 million to develop Chambishi South copper mine in Zambia's Copperbelt province, Zambia state media reports Wednesday.
The state-owned Daily Mail quoted NFC Africa's deputy chief executive, Xu Ruiyong, as saying that senior company executives are currently in Beijing negotiating with shareholders on the design, policy and finances of the project. The mine is expected to produce at least 10,000 metric tons of copper ores a day once it comes on stream.
According to Xu, exploration works on the project started about two years ago and have indicated that the copper ores to be mined from the area are high grade.
NFC Africa already owns the 150,000 tons-a-year Chambishi Copper Smelter, the Chambishi Copper Mine as well as Luanshya Copper Mines in Zambia.