Maravi

Copper price hits highest peak in 2 yrs

Copper price hits highest peak in 2 yrs
By Chiwoyu Sinyangwe
Mon 08 Nov. 2010, 04:00 CAT

COPPER on the international market has continued with its strong performance, closing last Friday at the highest trading level in over two years at US$8,769.50 per tonne.

Strong copper prices were supported by a strong US labour report that raised confidence in the economic environment and demand prospects of the world's largest economy. Benchmark copper on the London Metal Exchange hit its highest in over two years at US$8,769.50 a tonne, within US$200 of an all-time peak of US$8,940 hit in July 2008.

The metal which is the country’s main economic stay closed at US$8,660 a tonne, up from Thursday's close of US$8,600 a tonne.

Meanwhile, two mining firms are beginning to reclaim rock dumps in Chingola.
The rock dumps are the result of open cast mining for copper ore along the copper-rich Lower Banded Shale, Transition and Arkose horizons that make up the world famous Copperbelt ore horizons.

The main copper bearing minerals are chalcopyrite and bornite. Malachite, chrysocolla and chalcocite are present near surface, overlying the sulphide-rich ores. Early mining of the copper ores was focused on the deeper sulphides as these were suitable for traditional flotation and smelting.

Zambezi Resources Limited announced that it has entered into a new memorandum of understanding with Rephidim Mining and Technical Services Limited of Zambia.

This is a revised memorandum of understanding subsequent to a previous agreement which gave Zambezi Resources Limited access to rock dumps held by Rephidim in Chingola.

Labels: COPPER, MINING

posted by MrK @ 4:20 PM