NewsSouthern AfricaInvestment: Glencore to invest $1.1 bn in three new shafts in Zambia

Wed,22Nov2017

Posted on Wednesday, 30 March 2016 10:24

Investment: Glencore to invest $1.1 bn in three new shafts in Zambia

By Chris Mfula

Glencore plans to invest over $1.1 billion in Zambia to sink three shafts with new technology that will extend mine life by over 25 years, its local unit said on Wednesday.

"We firmly believe that we shall be able to overcome the challenges that we face today as a company and become profitable and operationally-efficient," Mopani Copper Mines (MCM) said in a statement.

The investments would be made between now and 2018 and it was expected that Mopani would be turned into a world-class mining operation by 2023, it said.

Glencore was fully committed to Mopani and had invested over$3 billion in upgrading infrastructure and in major capital expansion programmes since 2000, Mopani said.

An electricity shortage in Africa's second-biggest copper producer and weaker prices have put pressure on Zmbia's mining industry, threatening output, jobs and economic growth. 



Subscriptions Digital EditionSubscriptions PrintEdition

FRONTLINE

NEWS

POLITICS

HEALTH

SPORTS

BUSINESS

SOCIETY

TECHNOLOGY

COLUMNISTS

Music & Film

SOAPBOX

Newsletters

Keep up to date with the latest from our network :

subscribe2

Connect with us