Message Mar 17 Juin 2014 12:52

British Mining Giant Re-opens Zambian Nickel Mine

June 17, 2014 Editor Business, Mining & Construction
COal Mine
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VENTURES AFRICA – British mining giant, Consolidated Mining Investments (CMI) has taken over struggling Zambian nickel mine, previously ran by Chinese company, Jinchuan Group of China.

Zambian Mines Minister Christopher Yaluma said that operations at Munali Nickel Mine in southern part of the country which shutdown three years ago has been taken over by CMI and will start operating end of June.

“I can confirm that the nickel mine is set for revival and the new investor is expected on site before the end of the month,” said Yaluma.

Zambia, according to Yaluma, is confident that the new investor will bring the desired benefits for the people of Zambia. Munali Nickel Mine operations collapsed in 2011 owing to plummeting base-metal prices on the global market.

Mining is a crucial part of the Zambian economy, with the direct contribution to GDP reaching about 11 percent in 2010 ($590 million) and expected to grow to $1.35 billion in 2015. The indirect contribution might be as much as half the economy.