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Mining & Natural Resources
In 2009 LCM shut down operations as it had claimed
to be generating losses because of low global met-
als prices and other effects of the global economic
crisis. LCM, which was a joint venture between Bein
Stein Resources Group (BSRG) and International
Mineral Resources (IMR), shut down the Chambishi
Metals Plc, Zambia’s largest cobalt producer, and
put over 1,700 miners out of work. NFC has suc-
ceeded in taking over LCM, the former operator of
the significant Chambishi Mine that has been in op-
eration since 1965, in addition to re-employing thou-
sands of Zambian men and women.
NFC Africa will spend approximately $150 million
to expand the Chambishi copper mine ore body to
increase copper production. The Chambishi mine
has approximately 102 million tonnes of copper re-
serves, at an average grade of 2.21 percent. Cham-
bishi is the largest Chinese-owned mine in the coun-
try and has plans to continue to grow. Construction
of a smelter with the capacity to produce 150,000
tonnes of finished copper per year from the Cham-
bishi mine is already underway. NFC is proud of its
success in Zambia and is equally proud of its sup-
port of local development and growth, with its heavy
investments into Chambishi Township, Kitwe, and
Kalulushi towns through various projects
TEAL EXPLORATION AND MINING INCORPO-
RATED
David Armstrong
General Manager
Zambia Regional Office, 21 Mpezeni Ave.
PO Box 21048, Kitwe OR PO Box 111215, Chingola
Tel: +260-212-310052/ 53/ 54 / Fax: +260-212-310055
www.tealmining.com
KONNOCO ZAMBIA LTD.
TEAL Exploration & Mining Incorporated is a Cana-
dian mineral exploration and development company
engaged in the acquisition, exploration and devel-
opment of gold, copper, nickel and numerous other
minerals. TEAL holds a strategic portfolio of high
quality development projects, including the promis-
ing Konkola North project that is forecasted to be
one of the largest mines in the country. The firm’s
wholly owned subsidiaries include: TEAL (Zambia)
Limited, TEAL Development Zambia Limited, TEAL
Exploration Zambia Limited, Konnoco Zambia Lim-
ited, TEAL Metals (DRC) s.p.r.l., TEAL Mining (DRC)
s.p.r.l., in addition to a 92% stake ownership in
Avdale Namibia (Pty) Ltd., and a 60% stake in Ka-
sonta – Lupoto Mines s.p.r.l.
TEAL is a fully owned subsidiary of Africa Rainbow
Mining (ARM). The newly launched Konkola North
Mine and Konnoco Ltd. are the product of Vale and
ARM join venture projects. The Konkola North Mine
aims to be one of the biggest and highest yield-
ing mines in Zambia. The Konkola North Mine will
begin production of copper in 2013, and has been
forecasted to produce well over 4,500 tons annually
once operational.
TEAL has also made a significant contribution to
many aspects of Zambian life, employing over 1,500
people, and has been working with the Zambian
government to help reach both the Millennium De-
velopment Goals, and National Development Goals
2030 to help Zambia achieve its goal of becoming a
middle income country.
Konnoco (Zambia) Limited is a wholly owned sub-
sidiary of TEAL Exploration and Mining Incorporated,
a Toronto stock exchange listed company, and holds
the exclusive rights to the Konkola North Copper
Project through a large-scale mining licence that was
issued in May 1997 and expires in May 2020.
TEAL identified inferred mineral resources of 78.8
million tonnes at 2.14% copper. This resource is
contained within the east and south limb areas of the
project. Historic records and more recently drilled
results relating to other areas of the project indicate
two further inferred mineral resources of approxi-
mately 107 million tonnes at grades of 2.30% cop-
per and 63 million tonnes at grades of 3.88% copper
respectively.
Within the south limb, TEAL intends to focus initially
on the development of a high-grade region of the
Underground Miner at Nkana Mine.