Cyprus Amax Zambia
| Cyprus Amax Zambia | |
|---|---|
| legal form | Corporation |
| Seat | (New York) |
| sales | U.S-$ |
| Branch | Mining |
Cyprus Amax Zambia is a public company in Zambia . It is quoted on the Lusaka exchange, i.e. not freely traded. The company is wholly owned by Cyprus Amax Minerals Co Plc of Denver, United States .
Cyprus Amax Zambia operates the Kansanshi mine near Solwezi , which has been mining copper ore since 1908. In 1986, production and processing were reduced to 1,000 tons of copper per year. In 1998 Cyprus Amax bought 80 percent of the shares in this mine for US $ 28 million, with 20 percent remaining with Zambia Consolidated Copper Mines . According to the commitment, Cyprus Amax invested US $ 20 million, which should only be the beginning. The Kansanshi mine contains 24 million tons of copper ore at three percent grade. The production is to be expanded to 50,000 to 100,000 tons of copper per year, which would make this mine larger than any other in Zambia in 2006. The necessary investments for this are estimated at US $ 300 million.
The Kansanshi mine was the first mining in Zambia to be re-privatized. In 2004, First Quantum Minerals from Canada , based in Ndola, bought the Kansanshi mine from Cyprus Amax Zambia. This may have to be seen in the context of the merger of Cyprus Amex, United States, with Phelps Dodge Corporation on September 30, 1999.
Cyprus Amax Zambia is undoubtedly one of those companies that are rumored to be primarily privatizing information. You say that copper production is increasing, but never by how much, and also not how much copper is actually exported - which, however, raises questions for the Zambian customs and the corruption there. It is crucial that the environment for privatized copper mining has not improved anywhere. Rather, people are still moving away from these areas.