By John Chola
China's Jinchuan Group Limited is taking over Metorex Mine Limited of Zambia at a purchase price of US$1.36 billion.
Metorex runs Chibuluma Mine, situated South of Kitwe on the country's Copperbelt Province.
Jinchuan Group Limited is owned by Newshelf, a Chinese State Owned Company incorporated under the laws of the People's Republic of China.
And Zambia's Competition and Consumer Protection Commission has nodded the proposed take over of Metorex Mine Limited.
Jinchuan Group Limited is owned by China's Newshelf, a Chinese State owned Company incorporated under the laws of the Republic of China.
Thw Commission has approved the takeover on condition that the new owners of Metorex Limited to employ local people.
Metorex owns 85 per cent shares in Chibuluma Mine with the remaining 15 per cent shares being owned by the Zambian government through its ZCCM Investment Holdings.
Metorex Limited produced Copper and Cobalt at Chibuluma Mine.
A spokesperson for the Competition and Consumer Protection Commission (CCPC), Brian Lingela, has told this news-wire that Jinchuan Group Limited should support the current government's policy on citizen empowerment.
The CCPC would ensure that the Chinese investors also honours existing agreements Chibuluma Mine had entered into with local companies and ensure that there were no job losses.
Metorex Limited is a company incorporated under the South African laws.
The South African firm has operations also in Democratic Republic of Congo.
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