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Wednesday, 1 August 2012

Mining Watch (Various)

It was announced last week that a Chinese company plans to invest $100 million in a new mining project that will produce 600 tonnes of copper cathodes a year. According to ZEMA. China Copper Mines Ltd has applied to build a copper leach plant.. It would seek to exploit five mineral waste dumps created by mining operations at the high-grade Fitula open pit more than 400 km north-west of Lusaka.

GRZ is pressing ahead with plans to compel foreign companies to bank their earnings locally and also control externalisation of export earnings. Finance D Minister Miles Sampa said last week that a new statutory instrument (SI 34) would be issue to “compel exporters especially those in the mining sector to acquire letters of credit from the Government before exporting their products and also ensure that their earnings are banked locally”.

ASTREA Investment Limited plans to set up a US$8m limestone production plant in Masaiti to supplement the current demand of the commodity from mining and agricultural sectors. The company is expected to commence construction immediately the Zambia Environmental Management Agency (ZEMA) approval is granted.

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