Lusaka, Zambia — 28 September 2012 – Congolese state mining company Gecamines says it is planning to invest US$631 million to raise its annual copper output sharply from the 35,000t expected this year to a new total of 100,000t by 2015.
Addressing a mine conference here, chief executive Ahmed Kalej Nkand was also quoted by Reuters as saying that US$270 million of the financing would be borrowed from the Development Bank of Southern Africa.
He added that Gecamines planned to become a limited liability company in order to attract private investment.
Once one of Africa’s largest copper producers, Gecamines has been hit by over two decades of decline as production dwindled and debts mounted to an estimated US$1.5 billion.
Source: Reuters Africa. For more information, click here.