Anglo-American corporation sets up $ 50 million copper venture in Morocco

Anglo-American Corporation (AAG), a world leader in the mining sector, will invest $ 50 Mln in the creation in Morocco of a venture specialized in copper.

Under an accord signed Monday with Moroccan mining authorities, the venture's capital will be equally shared between AAC and a local mining enterprise.

The venture, to be operational next year, is expected to produce daily 3,500 tons of concentrated copper. It will also promote the development of mining research, prospecting and exploitation of an area stretching from Marrakesh down to Agadir.

AAC, which is the world leader mining finance house, posted in 1998 around US $ 11 including US $ 1 earning.

It is best known for its substantial gold and diamond interests. The company is also involved in mining projects in Africa and throughout the world.