Message Mar 13 Avr 2010 10:28

State signs landmark accord By Times Reporter THE Governme

State signs landmark accord

By Times Reporter

THE Government has signed a $600 million agreement with China Non-Ferrous Metals Limited (CNMC) for the extraction of copper from the Mufulira Tailings dams to breathe economic life into the liability that was left over during the privatisation of the Zambia Consolidated Copper Mines-Investment Holdings (ZCCM-IH) assets.

ZCCM-IH board chairperson Alfred Lungu and CNMC chairperson Tao Xinghu signed the agreement at the Ministry of Mines in Lusaka that will see tailings dams eight and 10 reprocessed while the environment would be protected.

CNMC is the parent company of Sino Metals Leach Zambia (SMLZ) limited which will run the Mufulira Tailings project but this will be dependant on the results of the feasibility studies to be conducted at a cost of $5 million.

Mines and Minerals Development Maxwel Mwale described the development as landmark, coming at a time when copper prices are tapping high price marks on the international market.

Mr Tao said of the over US$600 million to be invested by CNMC through its subsidiary, SMLZ, $300 million would be invested in the Luanshya Copper Mines which started copper production on March 26, 2010.