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SIL to invest in Zambian mine

LUSAKA, (ZAMBIA), MAY 17. The Konkola Copper Mines, which were abandoned by mining giant Anglo American last year, have found a new investor, Sterlite Industries of India.

The Information Minister, Newstead Zimba, announced that the Indian company would invest an undisclosed amount to boost the company's performance. Sterlite Industries mines and smelts copper, zinc, lead, aluminium, gold and silver in India, Australia, the U.S. and Canada.

In August 2002, the London-based Anglo American announced that it was pulling out of its copper mines in Zambia, saying low copper prices rendered them unprofitable.

At the time, officials had said Anglo's move would put Konkola out of business within a year, leaving 11,000 people out of work and greatly damaging the economy of this already poor southern African nation. — AP

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