The World Bank and the Zambian government are floating a proposal that could keep the Konkola copper mines from sinking. The plan would see funds earmarked for other Zambian development programs funneled into Konkola.
Anglo American, whose interests in Zambia include a 51% stake in Zambia Copper Investments, announced it was pulling out of Zambia after investment in the Konkola Deep mining project increased to US$1 billion from US$300 million in 18 months.
The closure of the Konkola mines, which produced more than 270,000 tons of copper and almost 3,900 tons of cobalt last year, would be an economic disaster for Zambia. More than 11,000 people work at the mines. An end to production would also see the country lose its biggest stream of foreign currency earnings.
World Bank delegates are meeting with Zambian officials to devise a plan to save the mines, and the government is making every effort to keep them operational. The bank is treating this as an emergency, and a team of experts will be visit Zambia to carry out research.
The government is being encouraged to take steps to diversify Zambia’s economy into areas such as tourism, manufacturing and agriculture.
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