BRAZILIAN MINING GIANT VALE MINING COMPANY PLANS TO EXPAND ITS INVESTMENT ON THE AFRICAN CONTINENT

BRAZILIAN MINING GIANT VALE MINING COMPANY PLANS TO EXPAND ITS INVESTMENT ON THE AFRICAN CONTINENT, AS IT SEEKS TO TAKE ADVANTAGE OF RISING MINING OPPORTUNITIES ON THE CONTINENT.
VALE MINING COMPANY’S EXPLORATION MANAGER IAN HART SAID THE COMPANY PLANS TO SPEND MORE THAT 12 BILLION DOLLARS IN INVESTING IN AFRICA IN THE NEXT FIVE YEAR.
HE HOWEVER SAID THE INVESTMENT IS DEPENDENT ON A DECISION EXPECTED TO BE MADE BY THE COMPANY’S BOARD, ADDING THAT THE COMPANY IS DETERMINED TO INCREASE ITS INVESTMENTS’ PRESENCE IN AFRICA IN GENERAL AND ZAMBIA IN PARTICULAR TO CONTINUE TAKING ADVANTAGE OF THE RISING OPPORTUNITIES.
VALE IS THE SECOND-LARGEST PRODUCER OF COPPER IN THE WHOLE WORLD AND IT PLANS TO INVEST ONE BILLION DOLLARS IN THE ZAMBIAN PROJECT OVER THE NEXT FIVE YEARS.
LAST YEAR, THE BRAZILIAN MINING GIANT COMMISSIONED A MINING PROJECT IN ZAMBIA.
THE 380 MILLION DOLLAR KONKOLA NORTH COPPER MINE PROJECT IN CHILILAMBOMBWE DISTRICT ON THE COPPERBELT PROVINCE IS EXPECTED TO PRODUCE 45,000 TONNES OF COPPER PER YEAR, CONTRIBUTING TO A NATIONWIDE COPPER PRODUCTION TARGET OF TWO MILLION TONNES BY 2015.
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