Tuesday, 12 July 2011

ZAMBIAN COPPER PRODUCTION IN THE FIRST FIVE MONTHS OF THE YEAR DROPPED 5.5PERCENT DUE TO LOWER-THAN-EXPECTED OUTPUT

ZAMBIAN COPPER PRODUCTION IN THE FIRST FIVE MONTHS OF THE YEAR DROPPED 5.5PERCENT DUE TO LOWER-THAN-EXPECTED OUTPUT AT THE COUNTRY'S OPEN CAST MINES.
ACCORDING TO THE DATA WHICH WAS RELEASED AT THE CENTRAL BANK COPPER OUTPUT IN THE PERIOD DROPPED TO 308,777 METRIC TONNES FROM 326,877 TONNES IN THE SAME PERIOD LAST YEAR.
AND INDUSTRY OFFICIALS ATTRIBUTE THE DROP TO FLOODING AT OPEN PIT MINES FOLLOWING HEAVIER-THAN-NORMAL RAIN WHICH DISRUPTED OUTPUT.
HOWEVER, THE BANK SAYS COPPER EXPORTS IN THE PERIOD ROSE 2 PERCENT TO 334,727 TONNES AFTER PRODUCERS RELEASED MORE STOCKS ON THE MARKET, INDUCED BY HIGHER COPPER PRICES ON THE INTERNATIONAL MARKET.
ZAMBIA IS AFRICA'S LARGEST COPPER PRODUCER AND THE WORLD'S SEVENTH TOP PRODUCER OF THE METAL.
TRADE OFFICIALS SAID THE INCREASED COBALT OUTPUT IS DUE TO THE RESUMPTION OF OUTPUT AT CHAMBISHI METALS PLC, THE COUNTRY'S LARGEST COBALT SMELTER, WHICH HAD CLOSED IN 2008 AMID LOW GLOBAL METAL PRICES.
THE BANK OF ZAMBIA FORECASTS 2011 COPPER OUTPUT AT 900,000 TONS, COMPARED WITH AROUND 820,000 TONNES IN 2010.

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