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Mar 11 Jan 2011 12:09
Vale to invest $93m in Konkola North Mine development
By Business Reporter
VALE, the world’s second largest mining company will this year invest up to US$ 93 million in the development of the Konkola North Mine.
In a statement released on the Vale website, the Brazil mining giant said that it would add the $ 93million (aboutK460 billion) to the $ 400 million it put in the development of the Greenfield Mine on the Copperbelt Province.
“During 2011 we will invest in the development of a large number of world-class projects,15 of which have already been approved by the board of directors. These include US$ 93 million in Zambia at our Konkola North Greenfield Mine,” the statement said.
Vale and African Rainbow Minerals (ARM) went into partnership in August last year to develop a Greenfield area into a mine between Chingola and Chililabombwe where it expected to pump in as much as $1 billion by the year 2015.
Konkola North, estimated to be the second-largest known resource on the Copperbelt, is an open-pit mine, with an estimated nominal production capacity of 45,000 tonnes of copper concentrate per year, which would rise to 100 000 tonnes per year by at full production in 2015.
The website explained that having pumped $400 million the company was concerned about coming up with a environmentally-friendly mining activities and would reserve as much as US$ 70 million of additional contingencies for social and environmental investments.
Production of copper, at the Konkola North Mine is expected to start in 2013 and would be operating at full capacity in 2015.
Konkola North is expected to employ about 1,500 people. Vale was involved in exploration works has previously stated that it planned to invest in Nickel mining in Zambia after completing the copper mine.
To enhance the competitiveness in operations, Vale said it would continue to make sizeable investments in the mining projects which would act as a catalyst of local developmen.
It would contribute to building a sustainable regional legacy in communities and ultimately to global sustainability.