China to Invest $200 Mln in Zambia Mine -
China will invest $200 million in a Zambian mine as part of
Beijing's effort to ensure a stable supply of raw materials,
an official said on Wednesday.
"We are investing $200 million," a Zambian-based official
from the state-owned China Nonferrous Materials Industry
Engineering and Construction Group told Reuters.
He said the rehabilitation of the Chambishi copper mine was
at an advanced stage and production was expected to
resume later this year.
"We expect copper production to start again before end
of this year," said the official.
The Chinese group bought an 85 percent stake in Chambishi
from largely state-owned Zambia Consolidated Copper Mines
(ZCCM) in June 1998 for $20 million in cash.
ZCCM retains a 15 percent stake in the mine.
Chambishi has faced the same cash flow problems as Zambia's
other copper and cobalt mines in recent years.
The industry is nearing completion of a privatisation
programme that will see the country's lifeblood mines
handed over to foreign operators and investors.
A Beijing newspaper reported earlier on Wednesday that
China would invest in the Chambishi mine as part of its
effort to ensure a stable supply of raw materials.
China imported more than 1.25 million tonnes of copper
concentrates last year, according to customs figures.
(Source: CIEC)
----
China Launches Mining Program in Zambia -
By JOSEPH J. SCHATZ
The Associated Press
Sunday, February 4, 2007; 6:59 PM
LUSAKA, Zambia -- Chinese President Hu Jintao launched a copper mining partnership with Zambia on Sunday and won praise from Zambia's finance minister for his focus on economic investment rather than politics.
Hu planned to travel Monday to Namibia _ his fifth stop on an eight-nation African tour intended to increase Chinese investment in the continent, which is rich in natural resources although it suffers from widespread poverty.
Chinese President Hu Jintao, left, and Zambian president Levy Mwanawas, on Hu's arrival in Lusaka Saturday, Feb 3, 2007.
Hu's visit to Lusaka is expected to focus on new Chinese aid initiatives for Zambia and the inauguration Sunday of a new economic partnership zone in Zambia's Copperbelt province, which has become a key source of copper for China's growing economy.
(AP Photo/Joseph J. Schatz)
Chinese President Hu Jintao, left, and Zambian president Levy Mwanawas, on Hu's arrival in Lusaka Saturday, Feb 3, 2007.
Hu's visit to Lusaka is expected to focus on new Chinese aid initiatives for Zambia and the inauguration Sunday of a new economic partnership zone in Zambia's Copperbelt province, which has become a key source of copper for China's growing economy.
(AP Photo/Joseph J. Schatz) (Joseph J. Schatz - AP)
PHOTOS
Zambian Finance Minister Ng'andu Magande told the Associated Press Hu's visit was "one of the most successful visits by a foreign head of state."
Other donors, he said, have political agendas.
"People come here and talk about U.N. reform and conflict zones," he said.
"China has decided they will take a different route, they will take an economic route."
China has gained a reputation for striking deals with African nations without demanding political reforms _ such as respect for human rights _ sought by Western donors.
But Chinese investments have led to accusations of exploitation in Zambia, a nation of 11.5 million in southern Africa.
Zambian President Levy Mwanawasa was all smiles Sunday as he and Hu launched an economic partnership zone centered around the Chambishi copper mine in Zambia's Copperbelt Province.
The partnership is designed to draw $800 million in mining investment from scores of Chinese companies and
create 60,000 jobs.
China already has poured hundreds of millions of dollars into Zambia's copper sector, which accounts for 60 percent of the country's exports.
Addressing a crowd that included Chinese managers and Zambian miners in orange suits and red helmets, Hu and Mwanawasa said the new economic zone would be the first of several around the continent.
The walls and stage at a local conference center where the event was held were festooned in red, featuring a huge sign reading "Hail to Sino-Africa New-Type Strategic Partnership," red banners in Chinese lettering, and a huge map of the proposed economic zone.
Zambian and Chinese dance troupes performed outside.
A member of the Chinese delegation cued the audience when
to applaud.
Mwanawasa said the zone would "change the face of the Copperbelt and, indeed, the Zambian economy in that our
raw materials will now have chance to enjoy value addition
of unimagined proportions."
Mwanawasa sounded one cautious note, however, asking Chinese investors to partner with local Zambian firms and to give priority to local suppliers for goods and services.
Since the late 1990s, Chinese investments in the southern African nation have soared and now total $500 million _ the third largest after those of South Africa and Britain.
http://www.washingtonpost.com/wp-dyn/content/article/2007/02/04/AR2007020400536.html
http://www.investorshub.com/boards/board.asp?board_id=7060
http://www.investorshub.com/boards/board.asp?board_id=5294
http://www.siliconinvestor.com/subject.aspx?subjectid=57062
http://www.siliconinvestor.com/subject.aspx?subjectid=9975
China will invest $200 million in a Zambian mine as part of
Beijing's effort to ensure a stable supply of raw materials,
an official said on Wednesday.
"We are investing $200 million," a Zambian-based official
from the state-owned China Nonferrous Materials Industry
Engineering and Construction Group told Reuters.
He said the rehabilitation of the Chambishi copper mine was
at an advanced stage and production was expected to
resume later this year.
"We expect copper production to start again before end
of this year," said the official.
The Chinese group bought an 85 percent stake in Chambishi
from largely state-owned Zambia Consolidated Copper Mines
(ZCCM) in June 1998 for $20 million in cash.
ZCCM retains a 15 percent stake in the mine.
Chambishi has faced the same cash flow problems as Zambia's
other copper and cobalt mines in recent years.
The industry is nearing completion of a privatisation
programme that will see the country's lifeblood mines
handed over to foreign operators and investors.
A Beijing newspaper reported earlier on Wednesday that
China would invest in the Chambishi mine as part of its
effort to ensure a stable supply of raw materials.
China imported more than 1.25 million tonnes of copper
concentrates last year, according to customs figures.
(Source: CIEC)
----
China Launches Mining Program in Zambia -
By JOSEPH J. SCHATZ
The Associated Press
Sunday, February 4, 2007; 6:59 PM
LUSAKA, Zambia -- Chinese President Hu Jintao launched a copper mining partnership with Zambia on Sunday and won praise from Zambia's finance minister for his focus on economic investment rather than politics.
Hu planned to travel Monday to Namibia _ his fifth stop on an eight-nation African tour intended to increase Chinese investment in the continent, which is rich in natural resources although it suffers from widespread poverty.
Chinese President Hu Jintao, left, and Zambian president Levy Mwanawas, on Hu's arrival in Lusaka Saturday, Feb 3, 2007.
Hu's visit to Lusaka is expected to focus on new Chinese aid initiatives for Zambia and the inauguration Sunday of a new economic partnership zone in Zambia's Copperbelt province, which has become a key source of copper for China's growing economy.
(AP Photo/Joseph J. Schatz)
Chinese President Hu Jintao, left, and Zambian president Levy Mwanawas, on Hu's arrival in Lusaka Saturday, Feb 3, 2007.
Hu's visit to Lusaka is expected to focus on new Chinese aid initiatives for Zambia and the inauguration Sunday of a new economic partnership zone in Zambia's Copperbelt province, which has become a key source of copper for China's growing economy.
(AP Photo/Joseph J. Schatz) (Joseph J. Schatz - AP)
PHOTOS
Zambian Finance Minister Ng'andu Magande told the Associated Press Hu's visit was "one of the most successful visits by a foreign head of state."
Other donors, he said, have political agendas.
"People come here and talk about U.N. reform and conflict zones," he said.
"China has decided they will take a different route, they will take an economic route."
China has gained a reputation for striking deals with African nations without demanding political reforms _ such as respect for human rights _ sought by Western donors.
But Chinese investments have led to accusations of exploitation in Zambia, a nation of 11.5 million in southern Africa.
Zambian President Levy Mwanawasa was all smiles Sunday as he and Hu launched an economic partnership zone centered around the Chambishi copper mine in Zambia's Copperbelt Province.
The partnership is designed to draw $800 million in mining investment from scores of Chinese companies and
create 60,000 jobs.
China already has poured hundreds of millions of dollars into Zambia's copper sector, which accounts for 60 percent of the country's exports.
Addressing a crowd that included Chinese managers and Zambian miners in orange suits and red helmets, Hu and Mwanawasa said the new economic zone would be the first of several around the continent.
The walls and stage at a local conference center where the event was held were festooned in red, featuring a huge sign reading "Hail to Sino-Africa New-Type Strategic Partnership," red banners in Chinese lettering, and a huge map of the proposed economic zone.
Zambian and Chinese dance troupes performed outside.
A member of the Chinese delegation cued the audience when
to applaud.
Mwanawasa said the zone would "change the face of the Copperbelt and, indeed, the Zambian economy in that our
raw materials will now have chance to enjoy value addition
of unimagined proportions."
Mwanawasa sounded one cautious note, however, asking Chinese investors to partner with local Zambian firms and to give priority to local suppliers for goods and services.
Since the late 1990s, Chinese investments in the southern African nation have soared and now total $500 million _ the third largest after those of South Africa and Britain.
http://www.washingtonpost.com/wp-dyn/content/article/2007/02/04/AR2007020400536.html
http://www.investorshub.com/boards/board.asp?board_id=7060
http://www.investorshub.com/boards/board.asp?board_id=5294
http://www.siliconinvestor.com/subject.aspx?subjectid=57062
http://www.siliconinvestor.com/subject.aspx?subjectid=9975
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