Conveyor system to
transport ore to
the Lumwana plant
Lusaka, Zambia — MININGREVIEW.COM — 08 June 2011 – The government of Zambia “’ Africa’s biggest copper producer “’ has decided to invest the US$160 million it will earn from the sale of its stake in Equinox Minerals Limited  to Barrick Gold Corporation, in other mining projects.

Revealing this in a telephone interview from Lusaka, finance minister Situmbeko Musokotwane said the money would also be used to settle state-owned Zambia Consolidated Copper Mines Investment Holdings plc’s debt. He did not say in which mining projects the government planned to invest.

ZCCM-IH agreed to sell its 2.28% stake in Equinox as part of unconditional approval for Barrick’s US$7.5 billion takeover of the company and its Lumwana mine, the company said.