Vale to invest in Zambian copper mine

Brazilian mining firm, Vale, plans to invest US$400 million in the Konkola North copper project, which is expected to start production by 2013.

According to a bulletin from Imara Africa Securities, the project is a joint venture between Vale and African Rainbow Minerals.

Vale management said it is the first of other projects the company plans to develop in Africa.

The $400 million will be invested over a two and a half year period.

In phase one, production is estimated at 50,000 tonnes of copper per year. In phase two, the mine will be expanded and production is estimated at 100,000 tonnes per annum by 2015.