Reuters reported that Congolese state mining company Gecamines plans to invest USD 631 million to raise its annual copper output to 100,000 tonnes by 2015 from the 35,000 tonnes expected this year.

Mr Ahmed Kalej Nkand CEO of Gecamines said that USD 270 million of the financing would be borrowed from the Development Bank of Southern Africa. Gecamines planned to become a limited liability company to attract private investment.

Once one of Africa's largest copper producers, Gecamines been hit by over two decades of decline as production dwindled and debts mounted to an estimated USD 1.5 billion.

Source - Reuters

(www.steelguru.com)