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Luanshya

Posted: Fri, 08 May 2009

[miningmx.com] -- Zambia selected Chinese firm NFC Africa as the new investor to run the closed Luanshya Copper Mines (LCM), which is due to restart production at the end of May, Reuters reported on Friday.

"It is now with great pleasure that I announce the sale of the 85% shares to China Nonferrous Metals Mining, commonly known as NFCA," Zambia's President Rupiah Banda told former Luanshya Copper Mines workers at a public meeting.

The LCM shut down the Baluba copper mine and abandoned the development of the 60,000 tonnes per year Mulyashi project last December saying it had been making losses because of low global metals prices and other effects of the global economic crisis.