China's CNMC looks for copper projects in Congo
By Eric Onstad
LONDON (Reuters) - China Nonferrous Metal Mining Company (CNMC) is looking for copper-cobalt projects in Congo as it seeks to expand in Africa from its current base in Zambia.
"We are interested in mining projects in Congo. We are looking for copper and cobalt," Zhang Keli, executive vice president, told Reuters on Tuesday.
The state-owned group has already established a subsidiary in the Democratic Republic of Congo (DRC), which is focused on trading, he said in an interview on the sidelines of the World Mining Investment Congress.
CNMC is keen to expand its operations outside of China and this year overseas investments will more than double to $1 billion from $400 million last year, he added.
The group will focus its international expansion in Southeast Asia and Southern-Central Africa, he said.
As an example, CNMC has launched an $800 million investment over two years to develop a laterite nickel deposit in Myanmar.
The mine is due to be launched in the middle of next year and at full output it will produce 85,000 tonnes of ferronickel with 22,000 tonnes of contained nickel.
CNMC aims to nearly double production of copper to 500,000 tonnes a year and cobalt to 5,000 tonnes by 2014 in Zambia, he said.
Last month, CNMC said it planned to invest $600 million in Zambia this year and next.
In Zambia, Africa's biggest copper producer, CNMC operates the Luanshya copper mine and Chambishi smelter.
CNMC, founded in 1983, has units for developing and operating mines, construction engineering, and trade and technical services.
China is the world's biggest consumer of metals, mainly needed for its huge infrastructure programme.
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( Pierre Mac Orlan )
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