Zambia's Copper Mines Receive Global Recognition

LUSAKA, Zambia, September 8, 2010 /PRNewswire/ -- World-renowned business news service Dow Jones has applauded Zambia's copper mining successes in an article released yesterday.

A statement highlighted Zambia's impressive copper output, which is expected to hit 740,000 metric tons up from 696,900 tons last year due to increased production at several copper mines.

The report repeated comments made by Likolo Ndalamei, Zambia's secretary to the Treasury at the Ministry of Finance, who revealed that copper output is expected to keep rising due to the resumption of operations at Luanshya Copper Mines as well as increasing production at copper mines on the Copperbelt and North Western provinces.

"With production expected to increase during the third quarter of 2010 total production is now projected at 740,000 tons," he stated.

Zambia's copper production in the first half of 2010 increased by 10.2% to reach 363,682 tons compared with 330,125 tons produced in the same period a year earlier. The copper mining sector continues to recover and rising global copper prices have induced mines to ramp up production.

The future picture for Zambia's mines also looks healthy, with the recent reopening of Luanshya Copper Mines following its takeover by Chinese-owned NFC Africa. The company announced in July that it intends to invest at least $500 million to develop Chambishi South copper mine on the Copperbelt province.

His Excellency President Rupiah Banda has congratulated the high performance of Zambia's mining sector, which he has been instrumental in delivering through privatization, a revised tax regime and a more effective way of collecting revenues from the mines to ensure that the Zambian people benefit from the country's natural resources.

He said: "The people of Zambia want reassurance that one of our richest natural resources yields benefits which can assist with the development of other sectors and the provision of vital social services. Mining is enjoying a period of steady growth and it is right that the sector makes an appropriate contribution to revenues."

SOURCE State House Lusaka, Republic of Zambia