Lusaka, Zambia — MININGREVIEW.COM — 18 October 2010 – The US$380 million (R2.6 billion) Konkola North copper mine “’ a joint venture between South African diversified miner African Rainbow Minerals Limited and Brazilian mining giant Vale “’ is officially underway in Zambia.
Bloomberg News reports from here that the new mine “’ which will be situated in Chililabombwe in the Copper Belt region “’ is expected to become operational in two years’ time. Its annual output expected to be around 45 000t of copper, contributing to a nationwide production target of 1Mt by 2013.
Speaking at the inauguration ceremony, President Banda said he was looking forward to the development and prosperity the new mine would bring to the area.
“This demonstrates the success both of my government’s policy of nurturing an investment climate that encourages the sector’s growth, and of the privatisation of Zambia’s mining sector 12 years ago. These two developments have breathed new life into Zambian mining, despite the recent global economic recession,” he said.
According to the government of Zambia “’ Africa’s top copper producer “’ the project will create 1 500 jobs in the construction phase and 1 500 more when the mine is fully operational.