Zambian Mines to Rake in 1.5 Billion Dollars in 2005
Posted on: Wednesday, 19 October 2005, 09:00 CDT
Zambian mines to rake in 1.5 billion dollars in 2005
LUSAKA, Oct. 18 (Xinhua) -- Zambian mines are expected to record a revenue of 1.5 billion US dollars this year, local newspaper Times of Zambia cited Chamber of Mines general manager Fred Bantubonse as saying on Tuesday.
In the first six months, over 600 million dollars have been realized in copper and cobalt revenues, Bantubonse said.
The figures, Bantubonse explained, do not include contributions from China-invested NFC Africa Mining and other companies who were not members of the Chamber of Mines.
He said as at mid-year, 204,362 tons of copper and 2,789 tons of cobalt were mined while production projected by the end of the year were 556,021 tons for copper and 5,729 tons for cobalt.
Zambia is the fourth largest copper producer with a reserve of 900 million tons or 6 percent of the world's total. Also its cobalt production ranks the second in the world after the Democratic Republic of the Congo.
In 2004, the country turned out about 410,000 tons of copper and 6,390 tons of cobalt.
With almost all mining companies investing heavily into their mines for expansion in a bid to cater for the increasing market demand in recent years, the Zambian government predicts that the copper turnout will soon reach the record high of 700,000 tons per year seen in the 1970s.
Source: Xinhua News Agency - CEIS
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