Owners of the new Mulyashi copper mine, which has a 20-year lifespan, plan to spend some US$350 million to build infrastructure and other related developments at the mine to produce A-grade copper cathode, and this project was in advanced stages, Webbstock added.

Another of the company's multi-million dollar projects, a new copper solvent extraction electro-winning or copper processing facility would be constructed at the firm's Chambishi Metal's Plc, and would cost US$60 million, Webbstock said.

Webbstock said the copper facility at Chambishi would be completed by July 2009.

Webbstock said other developments and upgrades were being carried out at the Baluba Mine, LCM's largest copper producer.

"So far, we have spent US$50 million on capital refurbishment and mine upgrades and $12 million will be spent this year mainly to upgrade (the Baluba mine), to buy new capital equipment and on critical spares," Webbstock said.

Webbstock said Chambishi was also on course to produce 4 000 tonnes of cobalt in 2008 while the Baluba mine would achieve its 24 000 copper output target.

LCM is a joint venture of the International Mineral Resources (IRM) and Bein Stein Group Resources (BSGR).

Nampa-Reuters

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