Munali Nickel Mine to re-open By DEAN MWAANGA
Posté: Lun 15 Mar 2010 14:33
Munali Nickel Mine to re-open
By DEAN MWAANGA
GOVERNMENT says the Munali Nickel Mine, which closed at the height of last year’s global financial and economic meltdown, will resume production this month-end.
Mines and Minerals Development Minister Maxwell Mwale made the announcement in Solwezi yesterday.Mr Mwale said President Banda has been working silently to ensure that the mine is reopened.
He said despite persistent attacks on the President in the media, President Banda has been working tirelessly to ensure that the mines are back to full production following the resurgence of copper prices on the world market.
“I am proud to announce on behalf of the President that Munali Nickel Mine will be opened on the 26th of this month,” Mr Mwale said.
He said President Banda has been working very hard as witnessed by the re-opening of the Luanshya Copper Mine which was also closed during the global economic recession.
He said Luanshya mine now has a workforce of over 2,000 employees compared to the 1,000 it employed before it halted operations and laid off employees.
“I know that we like politicians who can entertain people but RB is one who likes development,” Mr Mwale said.
Jinchuan Group Limited of China bought 51 percent of shares of Munali mine in August last year and embarked on a plan to recover exports agreements that were suspended due to the falling nickel price.
Recently, Barclays Bank Zambia signed a restructuring plan with Albidon Zambia Limited and the major shareholder of Albidon Limited, Jinchuan Group Limited of China.
In a joint statement, Barclays Southern Africa regional managing director Zafar Masud and Albidon general manager Xin XiNing said the agreement between the parties was an important step in the process of resumption of mining at the Munali Nickel Mine in Mazabuka.
Under the agreement, Barclays will offer Albidon a re-financing package for underground mining equipment that will allow the mine to manage its production capacity as well as meet its financial obligations.
Munali Nickel Mine has been under care and maintenance since March when operations were suspended due to depressed global nickel prices that impacted on the viability of the business at the time.
By DEAN MWAANGA
GOVERNMENT says the Munali Nickel Mine, which closed at the height of last year’s global financial and economic meltdown, will resume production this month-end.
Mines and Minerals Development Minister Maxwell Mwale made the announcement in Solwezi yesterday.Mr Mwale said President Banda has been working silently to ensure that the mine is reopened.
He said despite persistent attacks on the President in the media, President Banda has been working tirelessly to ensure that the mines are back to full production following the resurgence of copper prices on the world market.
“I am proud to announce on behalf of the President that Munali Nickel Mine will be opened on the 26th of this month,” Mr Mwale said.
He said President Banda has been working very hard as witnessed by the re-opening of the Luanshya Copper Mine which was also closed during the global economic recession.
He said Luanshya mine now has a workforce of over 2,000 employees compared to the 1,000 it employed before it halted operations and laid off employees.
“I know that we like politicians who can entertain people but RB is one who likes development,” Mr Mwale said.
Jinchuan Group Limited of China bought 51 percent of shares of Munali mine in August last year and embarked on a plan to recover exports agreements that were suspended due to the falling nickel price.
Recently, Barclays Bank Zambia signed a restructuring plan with Albidon Zambia Limited and the major shareholder of Albidon Limited, Jinchuan Group Limited of China.
In a joint statement, Barclays Southern Africa regional managing director Zafar Masud and Albidon general manager Xin XiNing said the agreement between the parties was an important step in the process of resumption of mining at the Munali Nickel Mine in Mazabuka.
Under the agreement, Barclays will offer Albidon a re-financing package for underground mining equipment that will allow the mine to manage its production capacity as well as meet its financial obligations.
Munali Nickel Mine has been under care and maintenance since March when operations were suspended due to depressed global nickel prices that impacted on the viability of the business at the time.