CNMC takes over Luanshya mine China Non-ferrous metals Minin

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Message Dim 2 Aoû 2009 12:13

CNMC takes over Luanshya mine China Non-ferrous metals Minin

CNMC takes over Luanshya mine
China Non-ferrous metals Mining Company, CNMC,has officially taken over the management and administration of Luanshya Copper Mines.

Speaking at the hand over ceremony in Luanshya, Mines minister Maxwell Mwale said President Rupiah Banda has delivered on his promise to find a new investor for the mine.

Mr. Mwale said the hand over of the mine ends the anxieties that people of Luanshya have been going through during the time of the closure.

He noted that it also marks a new chapter in the history of the mining town which has suffered mine closures before.

And CNMC vice chairman, Tao Xinghu said the investment pumped into Luanshya copper mines is long term.

Mr. Tao said CNMC is not investing in Luanshya to make quick profit and close down but wants to help Zambia's mining sector develop.

He said CNMC wants to continue contributing to the co-operation existing between China and Zambia.
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Message Dim 2 Aoû 2009 12:45

Re: CNMC takes over Luanshya mine China Non-ferrous metals Minin

New investors take over LCM

By NKWETO MFULA and KANGWA MULENGA
LUANSHYA Copper Mine (LCM) management has handed over Baluba Mine and Muliashi project to China Non-Ferrous Metal Mining Company (CNMC) that has purchased the mine at US$50 million.
The mine has been under care and maintenance in the last six months.

CNMC has re-affirmed its investment of US$400 million over the next four years.
And President Banda says the people of Luanshya should be wary of opposition leaders who are against the handover of the mine to the new investors.
Speaking at a press conference at State House yesterday, Mr Banda wondered why some opposition leaders wanted to block the handover of the mine to CNMC.
“I hope the people of Luanshya are listening. I got very worried when I read that some opposition leaders in Luanshya wanted to block the official handover of the mine through protests.
“These are leaders who do not care for the people of Luanshya,” Mr Banda said.
He appealed to the people of Luanshya to support the new investors.
Mr Banda said Government is happy that the new investor has finally taken over the mine and is hopeful that more job opportunities will be created by CNMC for the benefit of the local people.
And speaking at the official handover of the mine to CNMC in Luanshya yesterday, Minister of Mines and Minerals Development, Maxwell Mwale said Government critics have been proved wrong.
“For the past six months, Luanshya has been turned into a political platform. Lets be wary of such people. They have been proved wrong,” Mr Mwale said.
The Minister said President Banda worked hard to ensure that there were economic activities in the district by finding an investor to take over LCM because Luanshya depended on mining.

Mr Mwale commended the people of Luanshya and the labour movement for the maturity they displayed during the period the mine was closed.
He said mining is an expensive venture because of various activities carried out before the actual mining starts.
Mr Mwale has called on local entrepreneurs in the district to take advantage of the new investors to advance the town’s economic growth.
And CNMC chairman Tao Xinghu said despite the global recession, his company is eager to play a role in the development of the mining industry in Zambia.
Mr Tao said the company would create jobs for the people of Luanshya that were laid off when the mine closed.
He said CNMC would continue with the same production capacity at Baluba Mine and would also start operations at Muliashi Mine after carrying out feasibility studies.
Mr Tao said CNMC investment in Zambia is a clear testimony of the continued cooperation between the two countries.
“Zambia is one of the earliest countries to establish co-operation with China and is one of the 20 countries that we have invested into in Africa,” Mr Tao said.
He said CNMC will in the next two week commission Chambishi Copper Smelter with a total investment of over US$350 million.
And outgoing LCM chief executive officer, Derrick Webbstock said the company pulled out of the mine due to unfortunate circumstances.
Mr Webbstock commended Government for the support it is giving to the mining industry.
He said CNMC is competent at mining and will continue with operations of the mine to Government’s expectations.
“Good work will be done by CNMC,” he said.
Meanwhile, Chinese Ambassador to Zambia Li Qiangmin said CNMC’s taking over of LCM was a testimony of brotherhood between Zambia and China.
“CNMC decided to bid for the mine when the copper price was low, fetching US$3,500 per tonne,” he said.
Mr Li said the economic outlook worldwide is still gloomy and that the current financial crisis will affect the global economy.
He said China is happy with the flow of foreign direct investment from that country into Zambia.
And Minister of Labour and Social Security, Austin Liato called on the new investor to dialogue with the union on employees’ conditions of service.
And the Mine Workers Union of Zambia (MUZ) has welcomed the handover of LCM to CNMC.
MUZ president Auzwell Munyenyembe said in an interview from Kitwe yesterday that his union is pleased that the new investor has taken over operations of the mine.
“That is good news for our members and I hope the new investors will implement their earlier pledge of taking on board all former LCM miners to promote job creation in the area,” Mr Munyenyembe said.

He appealed to the people of Luanshya to support the new investor.
Mr Munyenyembe also commended Government for finding an investor for the mine.
He said the people of Luanshya have suffered for too long.

Collé à partir de <http://www.daily-mail.co.zm/media/news/viewnews.cgi?category=8&id=1245914321>
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Message Jeu 6 Aoû 2009 17:08

Enya Holdings to Settle Debts for Zambian Unit

Enya Holdings to Settle Debts for Zambian Unit, Minister Says

By Geoffrey Kapembwa

Aug. 6 (Bloomberg) -- Enya Holdings BV, which shut down one of its Zambian units, Luanshya Copper Mines, last year, will settle all liabilities owed to Luanshya creditors, Mines Minister Maxwell Mwale said. Enya had paid back part of the $50 million owed by settling 48 percent of the claims of 38 of its 45 creditors by the end of July, Mwale told Parliament in the capital, Lusaka, late yesterday. The remaining seven creditors are demanding that they be paid more than 48 percent of their debt, he added.

Production at Luanshya was halted in December after copper prices plunged and ownership of the company was subsequently transferred to the government. Enya is jointly controlled by Beny Steinmetz Group Resources and International Mineral Resources BV, both of the Netherlands. The government sold 85 percent of LCM to China Non-Ferrous Metals Mining Corp. in May for a sum of $450 million, the Zambia National Broadcasting Corp. reported June 6.

“The government will not settle any liabilities which accrued during the time when LCM was operated by Enya BV,” Mwale said.

At a meeting of LCM creditors on April 6, 85 percent voted in favor of a arrangement that they be paid only from proceeds of the sale of the company’s shares, Mwale said. The sum negotiated was $50 million and the 38 creditors were paid their share of the sum within 15 days of China Nonferrous signing the purchase agreement, he added.

Enya Chief Executive Officer Derek Webbstock said in response to a call by Bloomberg News that the company will issue a statement on the matter later today.

http://www.bloomberg.com/apps/news?pid= ... Y9A2sbnpg4
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