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Gold/Mining/Energy : Copper - analysis -- Ignore unavailable to you. Want to Upgrade?

To: Stephen O who wrote (326)	7/4/2001 10:32:10 AM
From: Stephen O	Read Replies (1) \| Respond to of 2131

Zambia Aims to Double Copper Production, Mining Director Says Johannesburg, July 4 (Bloomberg) -- Zambia hopes to more than double production of copper over the next five to seven years as foreign investors expand previously state-owned mines, said Willy Sweta, the Zambian government's director of mines. Zambia's copper production, which peaked at about 720,000 metric tons a year in the 1970s, was less than 300,000 tons last year. In March last year, Zambia sold some of its biggest copper mines to a group led by Anglo American Plc, the No. 2 mining company. ``We should be seeing production approaching those levels we had seen in early 1970s,'' Sweta told a mining conference in Johannesburg. Zambia projected production of ``600,000 to 7000,00 tons a year,'' he said. Mining produce accounts for about 90 percent of Zambia's exports, 20 percent of its gross domestic product and about 10 percent of the country's employment. --Jonathan Rosenthal in Johannesburg on (27 11) 286-1900 or jrosenthal1@bloomberg.net /kjm