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ZCCM announces sale of copper minesCOPPER producer Zambian Consolidated Copper Mines (ZCCM) announced the sale of three copper mines this week, while the sale of its largest mine to Anglovaal's Avmin was agreed to in principle. In the first deal, a $17.5-million bid secured the sale to a consortium of Maranda, Metorex and Crew of an 85% stake in Chibuluma, a low-cost mine in the Zambian copperbelt near Kitwe. The consortium partners are all linked: Canadian group Crew holds Metorex, which holds JSE-listed Maranda. Gensec is also a partner. Chibuluma should add 20% to the earnings of Maranda, to 71.3c, in the current financial year. Maranda was untraded after the announcement, last selling at 370c. Maranda will hold a R20-million vendor placing of shares to fund its participation in Chibuluma. It will issue 5.5-million shares at 360c to Gensec. On Friday, India's Binani Group of Industries said it had won a bid for the Luanshya and Baluba mines. The combined production of the mines is about 50 000 tons of copper and 1 000 tons of cobalt, Binani said. Binani said it had chalked out an expenditure plan of $69-million in B company over the next five years.
This week a spokesman for the Kafue international mining consortium, led by Avmin, said the consortium and Zambian authorities had agreed on most issues relating to the sale of Zambia's copper mines. "We have agreed on most issues, including the cash and debt portions," he said. - BT staff and Reuters
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