15 July 2009
LUANSHYA Copper Mines (LCM) needs a cash injection of US$65 million to assume full production of copper concentrates, smelting and cobalt, Finance Minister Situmbeko Musokotwane has said.
Dr Musokotwane said in Parliament yesterday that $20 million would go towards mine development and start-up, $15 million as working capital and $30 million would be used for financing the operating loss.
The minister, who was responding to questions raised by Roan Member of Parliament Chishimba Kambwili, said the Government's preferred option was to find an investor willing to re-open the mine and provide capital for the development of the Muliashi asset.
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