CNMC signs $150 mln worth of copper contracts in AfricaPublished by MAC on 2007-04-20
CNMC signs $150 mln worth of copper contracts in Africa
The China Nonferrous Metals Group Co. Ltd. (CNMC) recently landed copper trading contracts in Africa worth $150 million in total, according to a statement released by the group.
The contracts were signed during a recent visit by a Chinese economic and trade delegation to Namibia and South Africa between April 1 and April 5.
The South African copper trading contracts, involving CNMC and various enterprises, are worth $135 million in total, while the copper supply contracts involving Namibia are valued at more than $20 million.
CNMC did not provide any further details regarding the agreements.
Out of all of China's nonferrous metal operators, CNMC has the largest holdings of overseas nonferrous metal resources. The group's trading value in Africa has witnessed dramatic growth in recent years.Also, the group currently operates Zambia's Chambishi Copper Mine, which has the capacity to produce 50,000 tons of copper concentrate per annum. The project is CNMC's only direct investment in Africa so far.
CNMC aims to double the Chambishi mine's concentrate capacity to 100,000 tons a year by the end of 2008. In cooperation with the Yunnan Copper Group, the company is currently constructing a 150,000 ton-capacity crude copper smelting plant nearby the mine. The project is scheduled to be completed by the end of 2008.