ZAMBIA
Mine’s licence suspended
Zambia had suspended the licence issued to a unit of China’s Nonferrous Mining Corporation (NFC) to build an $832 million (R8.6 billion) copper mine after the company failed to comply with some conditions, the country’s environmental agency said yesterday. Last year the agency, which must approve all large infrastructure projects, said NFC Africa could proceed with the project, which would add 60 000 tons to the country’s annual copper output. But the company had not fulfilled a requirement to prepare a comprehensive resettlement plan for people affected by the project, the agency said yesterday. “The consequence of the suspension is that all operations or activities at the project site must be ceased,” it added. NFC Africa planned to build a copper processing plant and sink four shafts for production, services and ventilation, according to a document submitted to the agency. – Reuters
LIBYA
Full oil output to resume soon
Libya hopes to reopen all its oil ports next Tuesday and resume full production about a week later after the Libyan army threatened to use force against armed protesters. Libyan Oil Minister Abdelbari al-Arusi told reporters at an Opec meeting yesterday that he was “optimistic” that pressure on protesters to allow the resumption of production would see Libyan oil output restored to 1.5 million barrels a day. “We have heard good news from the local people that they are going to attend to the situation,” he said. “We don’t have any guarantees.” A mix of militias, tribesmen and political minorities demanding a greater share of Libya’s oil wealth and more political power have shut most oilfields and ports. – Reuters
EGYPT
$1.5bn set aside to pay oil firms
The Egyptian government had approved payment of $1.5 billion (R15.5bn) of the $6bn it says it owes foreign oil firms, Prime Minister Hazem el-Beblawi said yesterday. Egypt’s economy has been battered by two years of political upheaval that have scared away tourists and investors. “There is approval to pay $1.5bn,” el-Beblawi told an economic conference designed to lure investment from Gulf states, adding that the arrears had prevented companies from investing. – Reuters