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Glencore’s Zambian subsidiary Mopani Copper Mines will retain most of its workers even after copper production is suspended following a drop on the metal’s price, a source close to the company said on Friday. An electricity shortage in the southern African nation and weaker copper prices have put pressure on …
Read More »Climate change deepens mines’ power woes
As Zambia’s energy-starved mines struggle with the shortfall between the country’s stalled power-generation capacity and its consistent economic growth, climate change appears to be “dealing a further blow to energy output”, states multidisciplinary consulting engineers and scientists SRK Consulting South Africa. SRK Consulting principal mining engineer Boniface Mwila highlights the …
Read More »Copper mine to continue production ..
Zambia-based copper miner Konkola Copper Mines (KCM) has affirmed that it has not made a decision to close its Nchanga underground mine or scale down operations at the Nkana refinery, following media reports alleging closures. KCM, a subsidiary of London-listed global diversified natural resources company Vedanta Resources, is one of …
Read More »Copper Prices Jump Higher on Supply Cuts, China Data…
Copper prices soared on Tuesday to their biggest daily percentage gain in 2½ years, as Glencore PLC’s decision to shut mines and an increase in Chinese imports prompted investors and analysts to ratchet back estimates for global supplies. The rally forced many investors to scramble to close out bearish bets, which amplified the …
Read More »Copper Is Catalyst for Glencore Rescue Plan
Glencore PLC Chief Executive Ivan Glasenberg’s rescue plan for his company could hinge on the fortunes of a single metal: copper. The company’s decision to close two unprofitable African copper mines would take 400,000 tons of copper production out of the market over the next 18 months, and helped send prices for the industrial metal …
Read More »Mopani closure an ambush we’ll not accept – Musukwa
IT is an ambush for Mopani Copper Mines, the strongest allies of the PF government, to suspend mining operations in Zambia for at least 18 months, says mines deputy minister Richard Musukwa. Swiss commodity trader and miner Glencore AG has announced that it is immediately suspending mining in Zambia and …
Read More »Glencore set to cut copper output by 400kt and cobalt at Mopani, Katanga…
Cathode output at Glencore’s African copper businesses is set to be cut by 400,000 tonnes as a result of operational reviews at Katanga Mining and Mopani Copper Mines, the Switzerland-based miner and trader said on Monday September 7. “This will include the suspension of production at Katanga and Mopani for …
Read More »Zambian president may step in to stem kwacha free fall – spokesperson
LUSAKA – Zambia’s president will not allow the copper-exporting country’s currency to collapse and may intervene to regulate markets, a government spokesperson said on Monday, as the kwacha fell to new record lows against the dollar. “The president cannot allow the national currency to collapse because of a false belief …
Read More »400 000 t copper cathode removed in Katanga, Mopani review
Central African mining company Katanga Mining Limited had begun a review of its business, including operations and expenses, in light of the challenging environment for commodities, Glencore said on Monday. A similar review was under way at Mopani Copper Mines in Zambia, the London-, Hong Kong- and Johannesburg-listed global commodities …
Read More »Gemfields raises $35.14m in Singapore emerald, amethyst auction
Zambia-focused precious stones miner Gemfields has garnered revenues of $35.14-million from its most recent auction of predominantly rough emeralds extracted by subsidiary Kagem Mining, as well as the sale of amethyst mined by 50%-owned Kariba Minerals. Held in Singapore from August 31 to September 4, the auction followed seven successive …
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