China Knowledge cited Mr Luo Tao president of China Nonferrous Metal Mining Co Ltd a large state owned enterprise under the direct leadership of the State owned Assets Supervision and Administration Commission as saying that the company plans to invest USD 600 million in Zambia between 2010 and 2011.

He said that USD 300 million will be invested in the Luanshaya copper mine, while most of the capital will finance the Mulyashi project which is scheduled to be put into production in 2010 with an annual output of 60,000 tons. A project that will expand the production of the Chambishi copper furnace will use the other USD 300 million.

Mr Luo said CNMC has invested USD 1 billion in Zambia in the past 12 years.

China is the biggest consumer of copper in the world. The largest producer of copper in Africa, Zambia offers an excellent investment opportunity for CNMC for its abundant mineral resources and relatively peaceful political environment.

(Sourced from China Knowledge)