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Zambia MCM To Extend Nkana Copper Mine Lifespan For 25 Years
Published March 30, 2011
| Dow Jones Newswires
Zambia's second largest copper and cobalt mining company, Mopani Copper Mines, is implementing a project which will prolong the life span of its Nkana mine for an extra 25 years, Zambia's minister of mines and minerals development said Wednesday.
The company is developing the Nkana Synclinorium mine, which will replace the current mining operations, and has copper ores reserves of at least 80 million metric tons at a grade of 1.85% copper and 0.008% cobalt, Maxwell Mwale said.
MCM is a joint venture between Swiss commodity trader Glencore International AG, and Toronto-listed First Quantum Minerals Ltd. (FQVLF).
Mwale also said Mopani's Mufulira copper mine is expected to cease operations in 2017 given the size of its current ores reserves.
"We are encouraging the owners of the mine to take advantage of the high metal prices and intensify exploration within and around Mufulira mine to lengthen its lifespan," he said.
Company officials were unable to comment immediately.
MCM almost closed operations in December 2008 after global copper prices fell to a four-year low of less than $3,000 a metric ton, but as prices have recovered it has been reviving operations and is on course to meet its annual copper production target of 200,000 tons by 2012-13, according to company officials.
Read more: http://www.foxbusiness.com/industries/2 ... z1I7GolSHZ