Zambia's 2010 copper output is expected to hit 740,000 metric
tons up from 696,900 tons last year due to increased production at
several copper mines, the finance ministry said Monday.
Copper output is expected to keep rising due to the resumption
of operations at Luanshya Copper Mines as well as increasing
production at copper mines on the Copperbelt and North Western
provinces, Likolo Ndalamei, Zambia's secretary to the Treasury at
the Ministry of Finance said in a report.
Zambia is Africa's largest copper producer.
"With production expected to increase during the third quarter
of 2010 total production is now projected at 740,000 tons," he
stated.
Zambia's copper production in the first half of 2010 increased
by 10.2% to reach 363,682 tons compared with 330,125 tons produced
in the same period a year earlier, Ndalamei said.
He added that Zambia's copper mining sector continues to recover
positively from the effects of the global economic downturn. Rising
global copper prices since last year have induced mines to ramp up
production.
Luanshya Copper Mines, which had been closed in 2008 amid
dipping global copper prices has since been reopened following its
takeover by Chinese-owned NFC Africa, a unit of China Nonferrous
Metals Co. (8306.HK). The company announced in July that it intends
to invest at least $500 million to develop Chambishi South copper
mine on the Copperbelt province.
Zambia's copper production is expected to hit 1 million tons by
2011-12 when Konkola Copper Mines deep mine project comes on
stream. KCM is a unit of London-listed Vedanta Resources PLC
(VED.LN). Other mining companies operating in Zambia include
Toronto-listed First Quantum Minerals Ltd.(FM.T), Equinox Minerals
Ltd.(EQN.T), South Africa-based Metorex Ltd.(MTX.JO) and Swiss
commodity trader, Glencore International AG.
-By Nicholas Bariyo, contributing to Dow Jones Newswires;
256-75-2624615 bariyonic@yahoo.co.uk
