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Chinese Mining Conglomerate Poised to Take Over KCM from Vedanta

Metal News - Published on Fri, 05 Jul 2019

Image Source: Lusaka Times
Lusaka Times reported that Chinese firm China Nonferrous Metal Mining Co is poised to take over KCM assets belonging to Vedanta Resources. According to Africa Mining Intelligence, the firm has ramped up its media presence over the past few days to proclaim the legitimacy of its purchase of KCM. While the Zambian government’s request for KCM to be liquidated has been put on hold by a court ruling, CNMC seems to be convinced that it will take over the sites.

In June, CNMC representatives took to the local newspapers to affirm that the company is the best suited, both in terms of technical and financial capacity, to buy the assets post-liquidation.

Mr Guobin Hu managing director of Chambishi Nonferrous Africa Corporation, the CNMC subsidiary that operates a copper smelter near to the KCM sites, also recalled that the group has recently invested a further USD 800 million in Zambia.

CNMC would like to have a larger presence in the Copperbelt and is also keen to make acquisitions in neighbouring Congo where it has also built a copper smelter.

Source :

Posted By : Ratan Singh on Fri, 05 Jul 2019
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