Zambia's Baluba mine starts blasting for copper

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Message Mar 18 Aoû 2009 12:26

Zambia's Baluba mine starts blasting for copper

Zambia's Baluba mine starts blasting for copper - by Reuters - Aug 18, 2009
LUSAKA (Reuters) - Zambia's Baluba copper mine has started blasting for copper after completing most rehabilitation works ahead of the start of full production in December, the mine's new owners, China Non-Ferrous Metals Corporation (CNMC), said.
CNMC also said it would start building a major copper processing plant before developing a new mine, the Mulyashi copper project, which was due to start producing 60,000 tonnes of copper in 2010.
Baluba, which was Zambia's third-largest copper producer until early this decade, is a unit of Luanshya Copper Mine (LCM), in which CNMC has a majority stake. CNMC bought LCM for $50 million in May this year.
NFC Africa Chief Executive Luo Xingeng said underground expansion had started after obsolete machinery was replaced at Baluba, one of Zambia's oldest copper producers. Luo said late on Monday the equipment replacement was almost complete.
"The first blasting took place on Sunday morning...the previous investor had exhausted all the developed reserves and the development being embarked on is both primary and secondary (advanced)," Luo said in a statement.
Luo said a study had shown the cost of rehabilitating and replacing equipment at Baluba had risen to $74 million from the previous $60 million budget, after more damaged equipment was discovered.
Luo said NFC Africa would focus mainly on developing the Baluba underground mine and a major cable used for conveying
copper ore from Baluba to the processing plant, as well as
upgrading the existing copper processing plant.
CNMC says it plans to spend a total of $400 million on Baluba and the Mulyashi project.
Luo said NFC Africa had set aside $300 million to develop Mulyashi and feasibility studies would be completed by the end of September.
"Designing works will commence immediately after the feasibility studies and construction works for the Mulyashi processing plant will start in January," Luo said.

from <http://af.reuters.com/article/investingNews/idAFJOE57H08O20090818?sp=true>
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extrait de : http://www.zambianwatchdog.com/?p=2184 ou l'on peut lire un plan de réforme de l'économie zambienne .Je le copie pas ici car trés long et rédigé par des opposants à RB semble t'il ...
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