See also: » 22.01.2010 - $20 million loan to support smallholder agribusiness in Zambia » 15.12.2009 - Zambia approved for further poverty reduction funding » 10.12.2009 - Zambia to tighten anti-craft laws » 02.12.2009 - Zambia and Zimbabwe to launch One Stop Border Post » 28.10.2009 - Positive outlook for Zambia, IMF » 15.10.2009 - Zambia becomes agric support hub for Southern Africa » 07.09.2009 - The worst may be over in Zambia, IMF » 31.08.2009 - Not yet over for Chiluba Houlihan's coupons

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afrol News, 8 May - The Zambian government has today confirmed the Chinese-owned NFC Africa Mining, to take over the Luanshya Copper Mines, which was facing closure since metal prices hit deep lows at the end of last year.

The Luanshya mine which is Zambia's largest cobalt producer, has an annual capacity to produce up to 4,000 metric tons of cobalt and 40,000 tons of copper, and was due for an expansion before the global crisis hit on the copper sector.

The Chinese company already owns the Chambishi Copper mines as well as the smelter on the Copper Belt.

The company is expected to resume operations by the end of this month, with most of the over 1,500 workers laid-off last year to be recontracted, according to the deal signed with the union of mineworkers as well as the government.

Announcing the good news to the former workers, Zambia's president Rupiah Banda said the new company had taken over the 85 percent of the operations with the remainder still with the government.

Mr Banda promised early this year that his government was to do all it could to save jobs as well as the once lucrative Zambia's copper mining.

By staff writer

© afrol News

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