- Write by:
-
Friday, July 17, 2020 - 6:20:59 PM
-
536 Visit
-
Print
Mining News Pro - Glencore’s Zambia subsidiary Mopani Copper Mines on Thursday said the country’s mines ministry rejected its proposal to suspend operations because of low copper prices and disruptions caused by the coronavirus crisis.
Mopani said it would appeal against the decision and will continue mining operations pending the outcome of the appeal process.
Operations were halted at its mines at the start of April, with Mopani citing the covid-19 pandemic and other problems, but mining resumed a month later after the decision sparked a backlash from the Zambian government.
“Mopani remains of the belief that the only way to protect the company’s value and preserve the option to deliver its growth projects when conditions further improve is to transition the operations to C&M (care and maintenance),” it said on Thursday.
Zambia’s mines minister, Richard Musukwa, said the government had made it clear from the beginning that it wants Mopani to continue and said he was happy Mopani had “responded favourably” to his call not to place the mine under care and maintenance.
Musukwa said that Mopani has cut the number of expatriates working at the mine from 94 to 49 and the company will address concerns over what he described as its high cost of production.
“We are open to dialogue because we want what’s best for the people of Zambia and Mopani is strategic to economic trajectory,” he said.
Mopani Copper Mines, which produced 119,000 tonnes of copper in 2018, is 73.1% owned by Glencore, 16.9% by First Quantum Minerals and 10% by Zambia’s mining investment arm ZCCM-IH.
Short Link:
https://www.miningnews.ir/En/News/568320
A Native American group has asked all members of a US appeals court on Monday to overturn an earlier ruling that granted ...
Codelco is exploring more partnerships with the private sector as Chile’s state copper behemoth looks to recover from a ...
The London Metal Exchange (LME) on Saturday banned from its system Russian metal produced on or after April 13 to comply ...
Peru’s Las Bambas copper mine, owned by China’s MMG, is facing renewed blockades of a key transport route after failed ...
Vitol Group confirmed that it’s starting to rebuild a trading book for metals after a long stint out of the market, with ...
Newmont confirmed on Wednesday that two members of its workforce died this week at the Cerro Negro mine located in the ...
Chinese investors are snapping up stocks tied to high-flying metals from copper to gold, aiding an onshore market facing ...
Copper traded near a 15-month high as supply concerns and brighter demand prospects triggered a slew of bullish calls on ...
Copper jumped to its highest intraday price since January 2023 as the bellwether industrial metal faces rising tighter ...
No comments have been posted yet ...