Chinese Metal Mining group to take 60% stake in copper plant

China Non-Ferrous Metal Mining (Group) Co Ltd (CNMC) will invest 220 million US$ for a 60% stake in a new copper smelting plant in Zambia, the China Daily reported, citing group president Luo Tao. The state owned metal firm also said it plans to spend more than 800 million US$ overseas over the next three years, the newspaper said.

CNMC and Yunnan Copper Industry Group Co clinched the deal to build the 150.000 ton annual capacity copper smelting facility in Zambia, with the exact stake to be held by Yunnan Copper not stated. The plant will be put into operation at the end of 2008, the newspaper added. (AFX News Limited, London)