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Message: China Development Bank

China Development Bank in Zambia. You have to wonder if something like this is being set up in VZ right now.

China to Zambia mining companies to borrow $ 5 billion
May 12, 2010 ·

China will be 5 billion U.S. dollars in loans to private mining companies in
Zambia to provide Chinese companies and their influence remain in the top copper
producer in Africa to increase President Rupiah Banda told state media
Wednesday. Banda said the medium term and long-term loans would be provided to
private companies operating in Zambia
under an agreement signed between the
Ministry of Mines
and the China Development Bank, the state-run news agency
Zanis said.
"The Zambian private sector should work with their Chinese colleagues to access
funds from the financing of five billion U.S. dollars
," said Banda at a signing
ceremony for the lending facility in Livingston, about 500 km south of the
capital Lusaka.

Banda said some Chinese companies already operating in the southern African
country such as China Non-Ferrous Metals Mining Corporation (CNMC) had been
financing the China Development Bank for investment in the country secure.

China on Tuesday said it would provide equity capital amounting to 1 billion
U.S. dollars to Zambia to help the country a major power plant electricity
output would boost to 600 mega when completed construction in 2017. [ID:
nLDE64A1VB]

Copper mining is Zambia's economic lifeblood and the mines are a major employer
in the country of 12 million people.

Foreign mining companies operating in Zambia are Canada's First Quantum Minerals
(FM.TO), London-listed Vedanta Resources Plc (VED.L), Equinox Minerals (EQN.TO)
(EQN.AX), Glencore International AG [GLEN.UL ] of Switzerland and Metorex
(MTXJ.J) of South Africa.



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