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Zambia, Korea sign mineral exploration deal

Zambia, Korea sign mineral exploration deal
By Mutale Kapekele
Wed 03 Nov. 2010, 03:59 CAT

ZAMBIA and Korea have agreed to cooperate in exploring minerals and chemicals in Mkushi, Kabwe and Kapiri Mposhi.

During the signing ceremony yesterday, mines minister Maxwell Mwale told the visiting Korean deputy minister of knowledge and trade Park Young June that the country was hoping to scale up the amount of copper being mined from from the current 750,000 metric tonnes per annum to two million metric tonnes in the next two years.

Mwale said with the improvement in copper production, Zambia was the best mining investment destination in Africa.

“Zambia still has a wide spectrum of minerals, abundant energy resources and proven potential for oil and gas,” Mwale said. “This is a clear indication of opportunities in the mining sector.”

He said Korea could consider investing in value addition for the country’s mineral resources, which he observed was missing in Zambia’s economy.

Mwale also said the government was committed to ensuring that investors got reasonable returns on their mining investments.

And June said Zambia was Korea’s best partner in mineral exploration as it could assist his country to reduce the cost of its US$120 billion energy and mineral annual needs.

He said in return for its minerals and energy resources, Korea would ensure that Zambia got the technical know-how from the relationship.

The Geological Survey Department has signed an MoU with Korea’s Institute for Geosciences and mineral development for training of staff and exploration works.

Labels: MAXWELL MWALE, MINING, SOUTH KOREA

posted by MrK @ 11:12 PM