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Thursday, 30 July 2009

Mine Watch (Mazabuka)

China's largest nickel producer Jinchuan Group Ltd has now firmly agreed to take over Munali nickel mine next month after the operations were suspended in March due to low nickel prices. According to Mines Minister Maxwell Mwale "Jinchuan will become the majority shareholders with above 70 percent of the shares...Officials from Jinchuan will be coming to Zambia next week to finalise the take over arrangements and we are hoping that they will take possession of the mine by the end of August." We have tracked the local reactions on the House of Chiefs - see here and here.

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