Bloomberg reported today that Zambia Railways Ltd. is looking to secure at least $350 million to expand copper shipments in the landlocked nation.
Bloomberg reported today that Zambia Railways Ltd. is looking to secure at least $350 million to expand copper shipments in the landlocked nation. The multi-million dollar bond would help increase copper shipped by train by twenty times, and would be a boon for major miners operating in the country such as Glencore Plc (LSE:GLEN) and Vale SA (NYSE:VALE) according to Bloomberg.
As quoted in the publication:
Shipping metal by rail is cheaper than by road as Africa’s second-biggest copper producer seeks to almost double output of the finished metal to 1.5 million tons by 2016, according to Mines Minister Christopher Yaluma. Production rose 0.6 percent to 790,007 tons last year, according to the Finance Ministry. Vedanta Resources Plc (VED)’s Konkola Copper Mines unit has begun moving its copper onto rail, while Barrick Gold Corp. (ABX) and African Rainbow Minerals Ltd. (ARI) also operate in the land-locked nation.