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Commonwealth invests in copper mines

    JOHANNESBURG

    Britain’s Commonwealth Development Corporation (CDC) is to invest US $30 million in the Konkola Copper Mines (KCM) over a four-year period, its biggest single investment in Zambia to date, news reports said.

    KCM, a subsidiary of Anglo American’s Zambia Copper Investments, recently acquired 70 percent assets of state-owned Zambia Consolidated Copper Mines (ZCCM), which includes the Konkola division, the Nchanga division and the Nampundwe pyrite mines.

    CDC and the World Bank’s International Finance Corporation (IFC) each hold a 7.5 percent stake in KCM, which has been granted a five-year option to acquire the Nkana smelter, refinery and acid plants.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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