Brazilians invest millions in Africa mining venture

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Brazilians invest millions in Africa mining venture

The 380 million US dollars Konkola North Copper Mine
project was expected to produce 45,000 tonnes of copper
per year, contributing to a nationwide copper production.

LUSAKA (Xinhua) -- Brazilian mining giant Vale Mining Company plans to expand its investment on the African continent, as it seeks to take advantage of rising mining opportunities on the continent, the Times of Zambia reported on Friday.

Last year, the Brazilian mining giant commissioned a mining project in Zambia .

The 380 million US dollars Konkola North Copper Mine project in Chililabombwe district on the Copperbelt province was expected to produce 45,000 tonnes of copper per year, contributing to a nationwide copper production target of 1 million tonnes by 2013 and employ 1, 500 workers.

Ian Hart, the company’s exploration manager, said the company plans to spend more than 12 billion dollars in investing in Africa in the next five years.

He however said the investment was dependent on a decision expected to be made by the company’s board, adding that the company was determined to increase its investments’ presence in Africa in general and Zambia in particular to continue taking advantage of the rising opportunities.

“Our current investment proposal in Africa is to expend more than $12 billion over the next five years, subject to board proposal,” he told delegates currently attending Zambia ’s first- ever conference meant to attract investors in the country’s mines and energy sectors.

Vale was the second-largest producer of copper in the whole world and it plans to invest 1 billion dollars in the Zambian project over the next five years.

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