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

By Chris Mfula
Posted on Wednesday, 30 March 2016 09:24

“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.

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