How We Present
Zambia to invest $120 mln in key copper railway line
Reuters Translate This Article
14 September 2012
LUSAKA (Reuters) - Zambia will invest $120 million to revamp a railway line linking Africa's top copper producer with South Africa to move transport from road to rail, its finance minister said on Friday.
Zambia exports the bulk of its copper through the port of Durban in South Africa, but most mining companies transport the metal by road because railway transport has been unreliable.
Finance Minister Alexander Chikwanda told a media briefing that $120 million of the $750 million Zambia raised through a debut eurobond on Thursday would be spent on the rail line.
'The matter of investing in Zambia Railways is of top priority and of extreme urgency,' he said.
Increasing use of rail will reduce the amount of money spent repairing roads damaged by heavy trucks, Chikwanda said.
The government this week canceled the lease of the railway line awarded to private company Railway Systems of Zambia, accusing it of mismanaging the company.
Mining companies operating in Zambia include Canada's First Quantum Minerals, Vedanta Resources Plc, Glencore International and Barrick Gold Corp.
© Copyright 2012 Reuters
Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. 'Reuters' and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies. For additional information on other Reuters media services please visit reuters.com/newsagency .
Every day Global Good News documents the rise of a better quality of life dawning in the world from good news reported by the press; and highlights the need for introducing Natural Law based—Total Knowledge based—programmes to bring the support of Nature to every individual, raise the quality of life of every society, and create a lasting state of world peace.
Translation software is not perfect; however if you would like to try it, you can translate this page using:
Send Good News to Global Good News.