November 24, 2009

Chinese to ReOpen African Mines

As the outlook for metals improves, Chinese companies plan to resume operations at locations in Africa by year's end or beginning of 2010. In Namibia, the East China Mineral Exploration and Development Bureau - a state-owned company founded in 1955 - acquired a controlling stake in Weatherly International's copper mines in Tsumeb. The mines had shut down in the Panic of '08 but the new Chinese operators will reopen existing mines and want to develop an open pit copper excavation. In Zambia, the Jinchuan Group will restart the Munali nickel mine in early 2010. Jinchuan has a 70% stake in the venture. An attempt a month ago by Jinchuan to take over a Candian titanium mining venture was unsuccessful....

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