SA company to open mine in Konkola North

African Rainbow Minerals (ARM) of South Africa says it plans to open a new mine at Konkola North in Zambia by 2011, Business Day quoted ARM as saying.

The company completed a bankable feasibility study for a mine with an annual capacity of 45,000 tonnes of refined copper and a life of more than 20 years, the paper reported on Tuesday.

ARM said on Monday it plans to spend more than 8 billion rand on growth projects in the next three years, adding that it saw acquisition opportunities in Angola and Zimbabwe.

The company reported a 43 percent fall in full-year earnings to end-June, but said that the worst of the global crisis was over and that it expected demand for some of its commodities to rise.

ARM has interests in platinum, manganese, iron ore, chrome, nickel and coal.

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