Reuters reported that China Nonferrous Metal Mining Company is looking for copper cobalt projects in Congo as it seeks to expand in Africa from its current base in Zambia.

Mr Zhang Keli executive VP of CNMC said that we are interested in mining projects in Congo. We are looking for copper and cobalt. He said that the state owned group has already established a subsidiary in the Democratic Republic of Congo which is focused on trading. CNMC is keen to expand its operations outside of China and this year overseas investments will more than double to USD 1 billion from USD 400 million last year.

Mr Keli said that the group will focus its international expansion in Southeast Asia and Southern Central Africa. He said that the mine is due to be launched in the middle of next year and at full output it will produce 85,000 tonnes of ferronickel with 22,000 tonnes of contained nickel. He added that CNMC aims to nearly double production of copper to 500,000 tonnes a year and cobalt to 5,000 tonnes by 2014 in Zambia.

(Sourced from Reuters)