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ARM finalising funding for Cu mine jv with Vale in Zambia
September 02, 2010 - 16:23 GMT
Location:
Windhoek, Namibia
KEYWORDS:
Copper
,
joint venture
,
vale
,
arm
,
zambia
African Rainbow Minerals (ARM) is finalising details of an $80 million loan arrangement with a South African financial institution to fund its share of capital in a 50:50 joint venture copper mine with Brazil’s Vale, it said this week
ARM has established a new subsidiary, ARM Copper, to house its copper interests. This year the company will invest $40 million in the copper joint venture.
The company has started building the $380 million Konkola North copper mine in Zambia’s wealthy copper belt and it will commission a concentrator in 27 months, it said.
The 45,000 tpy Konkola North mine is expected to come on stream in 2015, with a life of 28 years.
ARM Copper is the JSE-listed group’s first foray into the copper mining sector.
Stompie Shiels, ARM’s executive director of business development, told MB that the emerging mining company will finance an initial $40 million investment this year from its own cash resources.
An unnamed South African financial institution...
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Euromoney Institutional Investor PLC.
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