Zhonghui Mining to Explore Copper Resources in Zambia

HONG KONG, July 28 -- Hong Kong based Zhonghui Mining Group plans to invest USD 3.6 billion in the exploration and mining of copper resources in Zambia over the next five years.

    The Daily Mail of Zambia reported that China's Zhonghui Mining Group has signed a deal with the Zambian government to invest USD 3.6 billion in various mining projects on the Copper Belt and North Western provinces,The state owned daily reports that Zhonghui Mining will draw up an implementation framework for the various projects, expected to create up to 34,000 jobs.

    The paper quoted Zhonghui Mining's President Mr Charles Shi as saying exploration works have already started in North Western Province and the company had applied for an operating license on the Copper Belt province. The two provinces host Zambia's vast copper and cobalt mines.

    (Source: Dow Jones)