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Zambia power cuts feed copper supply worries, lift pricesPower restrictions could hit output at First Quantum’s Kansanshi mine. (Image courtesy of First Quantum)Copper prices were on their way up Tuesday, after touching a six-year low the day before, as Zambian power utility Zesco Ltd announced power supply cuts that will …
Read More »Anglo American to shed thousands of jobs
LONDON-Global mining company Anglo American will shed about 6 000 jobs in the next couple of years as it fights rapidly deteriorating market conditions that have dragged its shares down to a 13-year low this week. The company, which posted a steep fall in first-half profit hurt by a rout in …
Read More »4 miners feared dead at Mopani after underground earth collapse
FOUR miners are feared dead at Mopani Copper Mines in Kitwe after an underground collapse. The accident happened early yesterday at SOB, 3240 metre level. Highly-placed sources identified the victims as Emmanuel Kyongola, Honest Mushota, Arnold Mambwe, all machine operators, and Abel Munthali, a workman. “What happened is that …
Read More »De Beers, Namibia strike 10-yr diamond sorting deal
The Namibian government and diamond miner De Beers on Tuesday announced the agreement, in principle, of the terms of a new ten-year sales agreement for the sorting, valuing and sales of all diamonds produced at the Namdeb and Debmarine operations, in Namibia. Once finalised, the agreement would become the longest …
Read More »Govt sale of its ZCCM-IH shares pushes LuSE turnover to K581m
THE Lusaka Stock Exchange has posted a huge trade turnover of K581 million due to the massive revenue contributed from the sale of government’s shares in ZCCM-IH. According to the LuSE monthly news bulletin for June 2015, total trade turnover on the local bourse was K581 million, up from K41.7 …
Read More »Company introduces new mining service vehicle…
The new Pirtek mining service vehicle complements the current fleet of mobile service vehicles in the Northern Cape operating from Kathu, Postmasburg and Upington Fluid transfer solutions and on-site repairs provider Pirtek Northern Cape has introduced the first dedicated Pirtek mining service vehicle onto the South African market. The new …
Read More »Kalumbila Mine to create over 1,500 jobs
KALUMBILA Minerals Limited general manager Damien Marantelli says the mine will create more than 1,500 direct jobs at full production. According to Marantelli, more jobs would be created through support services by contractors as well as investors in the new Kalumbila town, where 500 housing units, out of 600 built …
Read More »Tanzanian govt reviews feasibility of Rukwa power plan
Marking a key step in the advancement of the flagship project to development stage, Aim-listed Edenville Energy has confirmed that the Tanzanian Ministry of Energy and Minerals (MEM) and power generation, transmission and distribution body Tanesco has started the review process of the Rukwa power plant’s feasibility study. The Rukwa …
Read More »Zambia’s mining industry says new tax rules will scare away investors
Zambia’s mining industry said on Wednesday that an increase in corporate tax to 35% and other new tax rules will scare away investors and discourage processing to add value, and called for them to be scrapped. Last month Zambia, Africa’s No 2 copper producer, approved a plan to increase the corporate income …
Read More »Cupric to spend $200m to build Botswana copper mine
GABORONE – Cupric Canyon Capital, a private equity firm backed by a unit of Barclays Plc, will spend $200-million to bring its copper-silver mine in Botswana to production, the company said on Tuesday.Construction of the mine, which will be built by Cupric’s Botswana unit Khoemacau, is set to start in 2016 …
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