More URANIUM genocide by China surfaces ..

China opens another copper mine in Zambia

(Xinhua)
Updated: 2007-10-28 09:34

Here's a quick quiz. What CHINESE Economic Hitman got to the Zambian ruling class?? Sure seems like they have learned the lessons from the US empire thoroughly and want to profit Big Time .. Who do you suppose gets the kickbacks, the perks, the big bank account? Who do you suppose will be paying back the World Bank when the time comes?? Oh, how little we are told. How much higher is Zambia's GMP NOW??? V.

China opened another copper mine in Zambia, Non-Ferrous China Africa (NFCA) of China Non- Ferrous Metals Mining Corporation (CNMC) announced Kitwe, Zambia Saturday.

Zambian Vice President Rupiah Banda on behalf of President Levy Mwanawasa officiated the opening ceremony of Chambishi West Orebody Project within the mine which was taken over by the CNMC in 1998.

In the address read on his behalf by Banda, Mwanawasa said Chambishi copper mine is one of the earliest mining units to have been privatized in his country.

"The significance of this fact is that it is a reflection of the tremendous support and brotherhood that exists between China and Zambia. The Chinese people quickly moved into action to support our privatization program by participation in the bidding process," he said. "The two countries have enjoyed longstanding friendship."

Chinese Ambassador Li Qiangmin, chief executive officer (CEO) of Zambia-China Economic and Trade Cooperation Zone (ZCCZ) Tao Xinghu and CEO of NFCA Luo Xingeng also addressed the ceremony, highly speaking of the win-win economic relations between China and Zambia.

Total reserves of the West Orebody are estimated at about 34 million tons with a copper grade of 2.03 percent. The expected copper ore annual output is one million tons. The sevice life of the mining project is estimated at 25 years.

Total investment for the project is US$100 million and its construction is expected to be completed in three years. It will provide 1,500 new job opportunities for the local people.

The production in Chambishi main orebody was reopened in July of 2003 after closing for as long as 13 years. The mining in the main orebody now can produce 24,000 tons of copper annually and employs 2,000 local people.

China pursues uranium, while it LOOKS like it's pursuing copper. CUTE.

China to purchase overseas copper miners

By William Bi and Xiao Yu
Bloomberg News Service
via International Herald Tribune, Paris
Sunday, October 21, 2007

http://www.iht.com/articles/2007/10/21/business/sxchinalco.php

Aluminum of China, the parent of the nation's biggest producer of the metal, plans to buy more overseas copper mining companies to meet rising domestic demand and help diversify earnings.

The company plans to "make moves on several firms listed on overseas markets" and may make an announcement this month, Xiao Yaqing, the chairman of the state-owned company, also known as Chinalco, said Thursday. Chinalco bought Peru Copper for $860 million in August.

Mining companies in China are likely to buy metal deposits and oilfields in Africa, Latin America and Australia to feed demand, Citigroup said this month. The nation needs more commodities to fuel growth and almost doubled copper imports in the first nine months of this year.

"China wants a large state-owned metal and mining firm to secure supplies to meet its surging demand," Heng Kun, an analyst at Essence Securities, said in Beijing. "Xiao's ambition is to fulfill that role and overseas acquisitions are obviously the quickest way."

Peru Copper, based in Vancouver, owns Peru's third-largest deposit of the metal used to make wires and pipes. Chinalco also agreed this year to buy a 49 percent stake in Yunnan Copper, which owns China's third-biggest producer.

"We hope to acquire more copper resources because this is where China is short," Xiao said.

The Chinese government wants to build up strategic reserves of minerals, and has urged companies including Chinalco's publicly traded unit, Aluminum of China, or Chalco, to secure raw materials overseas to ensure the nation's metal needs are met.

China Minmetals, the nation's biggest metals trader, plans to buy more copper resources overseas, a company executive said Sept. 6. Anshan Iron & Steel, China's third-largest steel maker, this year agreed to a 1.8 billion Australian dollar, or $1.6 billion, joint venture with Gindalbie Metals of Australia to develop two iron ore projects.

There are no immediate plans to buy more copper companies in China, Xiao said. The increased size of overseas mining companies may make an acquisition "difficult," he said.

Copper prices have rallied 24 percent this year, partly as demand from China helped shrink reserves.

London Metal Exchange copper for delivery in three months was little changed Friday at $7,875.50 a metric ton, after falling as much as 1.9 percent Thursday.

The price next year may exceed the record $8,800 a ton reached last May due to Chinese demand, Oxiana, an Australian miner of copper, said Friday.

Chalco, China's largest producer of aluminum, the light metal used in packaging and aircraft parts, posted its first profit decline in five years in August.

Full-year profit is "under a lot of pressure," because of the rising costs of electricity and the raw material bauxite, and it will be "difficult" to exceed last year's income, Xiao said. The company in April said full-year profit may fall 1.8 percent to 11.1 billion yuan, or $ 1.47 billion, this year. [It won't be with URANIUM in hand .. ]

Chinalco, which spends most of its budget on aluminum production, plans to allocate more than half of future expenditure to copper production to diversify away from aluminum, Xiao said. He did not specify when that would happen.

It is also increasing exploration spending for other minerals including titanium and magnesium, he said.

Aluminum will rise 30 percent by 2009 because China, the world's largest consumer and producer of the metal, will become a net importer of the commodity, Sanford C. Bernstein said.

Metal for immediate delivery will average $3,266 a metric ton in 2009, an analyst, Andrew Keen, who has covered the metals industry since 1990, said Friday in a report. The contract closed Thursday at $2,503 a ton on the London Metal Exchange.

"China will retreat from its position as a net exporter by 2009 on economic and environmental grounds, leading to a cyclical upswing in aluminum prices," Keen said.

Aluminum trailed copper, lead and tin this year as the metal price has declined 9.1 percent. Keen estimates that demand of the metal will beat supply by 71,000 tons next year, rising to 593,000 tons in 2009.

http://www.iht.com/articles/2007/10/21/business/sxchinalco.php