Anglo American, Kumba, and Avmin
also have complementary business interests in heavy minerals, coal, gold, and base metals that may offer further scope to realize value.
As part of the agreement, Avmin
also acquired the rights to establish facilities to extract the slag dump at Nkana in Kitwe and transport that material to Chambishi to recover cobalt and copper.
The base metals in concentrate will be toll-refined by IRS and marketed by Avmin
The Chambishi assets were purchased for $50m with Avmin
owning 90% of the new company, Chambishi Metals Plc, and ZCCM retaining a 10% interest.
Limited of South Africa recently bought Chambishi cobalt and acid plants at $50m.
bought a 90% share of the existing Chambishi plant and the Nkana cobalt and copper slag dump from government-owned ZCCM in 1998 for $50M.
Similar contracts are currently being negotiated for other Avmin
mines, including Target and Eastern Transvaal Consolidated.
In April 1998, another ZCCM privatization proposal failed when the Kafue Consortium (led by Avmin
, with participation by Commonwealth Development Corp.
DRA is completing a study to provide a strategy for client Avmin
to reclaim and treat more than 20 Mt of material from a 60-year-old slag dump at Nkana, near Chambishi, on the Zambian Copperbelt.
The major player in the Konkola North project is Avmin
of South Africa, one of the four partners in the defunct Kafue Consortium.
Internal restructuring such as the reformation of Anglovaal into Avgold and Avmin
, a deal worth R6.
The Kafue consortium combines an impressive range of geographical, technical and financial experience, comprising Avmin
of South Africa; Noranda of Canada; Phelps Dodge of the US; and the Commonwealth Development Corp.