Maravi

Zambia records rise in copper cathode production

Zambia records rise in copper cathode production
Written by Fridah Zinyama
Thursday, November 06, 2008 6:47:31 AM

ZAMBIA has recorded a 12.9 per cent increase in copper cathode production for the first eight months of 2008 compared with the same period last year, the Central Bank has reported.

According to Bank of Zambia (BoZ)’s fortnight statistics report, copper production came in at 377,598 tonnes from January to August this year compared to 334,327 tonnes produced during the same period in 2007.

The report indicated that copper exports were recorded at 355,708 tonnes in the period under review, from 318,163 tonnes exported during the same period last year.

Analysts said Zambia’s copper production had risen due to higher demand by China before the financial crisis and the opening up of new mines in the mineral-rich southern African country.

Cobalt production for the same period, however, marginally declined to 3,081 tonnes during the first eight months of 2008 from 3,185 tonnes produced the same period last year.

Exports for cobalt were recorded at 3,098 tonnes compared with 3,139 tonnes the previous year.

It was estimated Zambia would this year produce about 600,000 tonnes of copper compared with 535,000 tonnes last year. These estimates were made before production costs rose and copper prices were still attractive on the international market. Analysts are therefore unsure whether the production forecasts to hit 1.0 million tonnes of copper by 2010 would be achieved considering the current financial challenges and high production costs being experienced world over.

Labels: COPPER, MINING

posted by MrK @ 6:49 AM