Maravi

(DAILY MAIL) KCM jobs under threat

KCM jobs under threat
By MARTIN KAPENDE

KONKOLA Copper Mines (KCM) may reduce its workforce as a cost-cutting measure if the slump in global copper prices continues, a senior unionist has said.

National Union of Miners and Allied Workers president, Sikufela Mundia, said that KCM’s management had informed the unions that it was likely to reduce its workforce if copper prices keep dropping in 2009.

“We hope the situation improves, otherwise KCM has informed us that it would be reducing the workforce,” he said.

According to MarketWatch website, in an item posted by Dow Jones Newswire, Mr Sikufela said on Wednesday that officials from KCM, which employs around 20,000 miners at its five units in Zambia had informed the unions of the development.

MarketWatch operates a financial information website that provides business news, analysis and stock market data to some 6 million people.

Standard Chartered Bank has projected that copper prices were likely to start recovering this year as economies around the world struggle to emerge from the recession.

Early this month, Sam Equamo, KCM spokesman, told Dow Jones Newswires that cutting jobs would be the last resort. Dow Jones is a provider of global business news and information services and its consumer media group publishes The Wall Street Journal and Barron’s.
Global copper prices have dropped by more than 60 per cent since July this year as a result of global economic turmoil.

Since the start of December, Luanshya Copper Mines has laid off about 1,000 miners blaming the falling global copper prices while First Quantum at Bwana Mkubwa has ceased production due to lack of concentrates from its Lonshi Mine in the Democratic Republic of Congo leaving about 300 miners unemployed. - DOW JONES NEWSWIRE/DAILY MAIL.

Labels: JOBLOSSES, KCM

posted by MrK @ 5:54 PM