Binani Bags Zambian Copper Unit

The Binani group of Industries on Friday said it had won a bid for a division of Zambia Consolidated Copper Mines Ltd (ZCCL).

"The Binani group has been successful in winning the bid for Zambia Consolidated Copper Mine's Luanshya division," Binani said in a statement. It said the division known as B Company under Zambia's privatisation programme comprised of Luanshya and Baluba mines. The combined production of the mines is about 50,000 tonnes of copper and 1,000 tonnes of cobalt, Binani said.

"ZCCM is the largest public sector undertaking in Zambia with sales in excess of $1.5 billion currently producing 300,000 tonnes of copper and 4,800 tonnes of cobalt. Binani said it had chalked out an expenditure plan of $69 million in B company over the next five years.

 

"The Binani group also plans to modernise, refurbish or replace existing equipment at B Company by committing to undertake capital expenditure of $69 million over the next five years." The expenditure plan wil help to increase extraction of ore to 7,000 tonnes per day by 2001/20002 from the present 2,000 tonnes in the Luanshya mine.