On Dec. 12, 2009 ten days before the reopening of CNMC controlled Luanshya Copper Mines Ltd. (CLM), led by Luo Xingen, General Manager of CLM all Chinese employees together with Senior Zambian employees held a flag-raising ceremony. The national flags of China and Zambia and flag of CLM fly above the office building of CLM showing their enthusiasm for the company and their determination for the successful reopening of the mine.
CLM is located in Luanshya, Copper Belt Province of Zambia. It has 2,570,000 tons of copper reserve and 100,000 tons of cobalt reserve. Due to the global financal crisis, metal price has fallen dramatically. Luanshya Copper Mines Ltd suspended production at the end of last year with the former share holder withdrawing from the management of the mine. In 2009, CNMC won the international bid held by government of Zambia and acquired Luanshya Copper Mine Ltd. Currently, CLM is preparing for the reopening of Baluba Mine and the development of Muliashi project under the leading of CNMC to promote its development in Zambia and the economic development of Zambia, create more jobs and improve social stability. This project will further contribute to the cooperation between the two countries and the “all-weather” friendship between China and Zambia.