Bloomberg News

Zambia to Invest $160 Million From Barrick in Mining Ventures

June 07, 2011

June 7 (Bloomberg) -- Zambia, Africa’s biggest copper producer, will invest the $160 million it will earn from its sale of a stake in Equinox Minerals Ltd. to Barrick Gold Corp. in other mining projects, Finance Minister Situmbeko Musokotwane said.

The money will also be used to settle state-owned Zambia Consolidated Copper Mines Investment Holdings Plc’s debt, Musokotwane said by phone today from Lusaka, the capital. He didn’t say what mining projects the company planned to invest in.

ZCCM-IH agreed to sell its 2.28 percent stake in Equinox as part of unconditional approval for Barrick’s C$7.3 billion ($7.5 billion) takeover of the company and the copper producer’s Lumwana mine in the southern African country, the Zambian company said on June 1.

Zambia is Africa’s biggest copper producer.

--Editors: Gordon Bell, Alastair Reed

To contact the reporter on this story: Anthony Mukwita in Lusaka at amukwita1@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.netundefined -0- Jun/07/2011 10:37 GMT


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