KCM spends $600 million on KDMP
Tuesday, 13 July 2010 17:42
By QFM.
Parliament today heard that US$628 million has been on the Konkola Deep Mining Project in Chililabombwe by KCM up to 31st March, 2010.
Mines Deputy Minister Gabriel Namulambe told the House in response to Chipili Member of Parliament who wanted to know how much money has been spent on the project and when it will be operational.
Mr Namulambe said that the $628 million includes the money spent on the concentrator, shaft sinking and other infrastructure.
He said KCM is within the timeframe set for completing the project by the end of 2012.
And Mines Minister Maxwell Mwale told the House that KDMP will be producing 200,000 tons per year once operational.
He says the 200,000 tons of copper KDMP will be producing will form part of a total 500,000 tons of copper Konkola Copper Mines will be producing per year.
Mr Mwale was responding to a supplementary question by Chilanga Member of Parliament Ng'andu Magande who asked him to confirm that at the peak in 2012 the new mine will produce 150,000 tones, and that the money KCM has spent on the project will be recovered in one year and the mining company will be making profit for rest of the mine's life.
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