In­vest­ment in Ugan­dan min­ing

Weekend Argus (Saturday Edition) - - BUSINESS -

KAM­PALA: A Chi­nese con­sor­tium has won a con­ces­sion to re­vive pro­duc­tion at Uganda’s Kilembe cop­per mines in the west near the bor­der with the Demo­cratic Repub­lic of Congo (DRC), an of­fi­cial said.

The mine was aban­doned in the early 1980s ow­ing to po­lit­i­cal tur­moil and a fall in cop­per prices, but in re­cent years the govern­ment has been seek­ing an in­vestor to re­sume pro­duc­tion, en­cour­aged by at­trac­tive world cop­per prices.

Uganda’s Depart­ment of Ge­o­log­i­cal Sur­vey and Mines said Kilembe has an es­ti­mated 4 mil­lion tons of ore.

Jim Mu­gunga, spokesman for the fi­nance min­istry, said five com­pa­nies from China, Zam­bia and Aus­tralia had ex­pressed in­ter­est in the mine, but the Chi­nese con­sor­tium led by Ti­bet Hima In­dus­try Co had been se­lected.

In re­cent years China has emerged as one of the lead­ing sources of in­vest­ment and in­fra­struc­ture fi­nanc­ing for the prospec­tive crude oil pro­ducer. – Reuters

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.