Mining sector to benefit $7.7bn from Vale venture

The Zambian mining sector is expected to benefit from an investment of US$ 7.7 billion which a Brazilian multi national firm plans to inject in its operations in Africa.

Vale is a mining giant that has embarked on the copper production in various countries in Africa and was planning to invest in a copper mining project on the Copperbelt. The $7.7 billion would be distributed among the nine African countries where it was present, with the greenfield Konkola North underground Copper Project (Konoco) expected to be one of the recipients of the money. According to a statement posted on its website, Vale said as part of its strategy to strengthen its position in the global mining industry, Vale plans to invest $ 7.7 billion in Africa soon. "Considered one of the last global frontiers in mineral exploration, Africa is attracting large-scale international investment and for this Vale plans to invest that amount in Africa in the coming years," the statement said. Apart from Zambia, Vale is present in Guinea, Liberia, Gabon, the Democratic Republic of Congo, Angola, Malawi, Mozambique and South Africa. Konoco is a Greenfield project that Vale has started in...