Maravi

KCM in 20% copper production rise

KCM in 20% copper production rise
By Abigail Chaponda in Chingola
Thu 18 Oct. 2012, 11:20 CAT

KONKOLA Copper Mine chief executive officer Jeyakumar Janakaraj has revealed that the mine has recorded an increase of 20 per cent in copper production in the first half of this year.

Presenting the KCM overview on investment, production, exportation and development to the media at Protea Hotel Chingola yesterday, Janakaraj said KCM produced 200,000 metric tonnes of finished copper during the 2011 to 2012 financial year.

"The copper production for the first half of the last financial year was 86,000 metric tonnes and the figures for the same period this year have increased by 20 per cent," he said.

He attributed the increase in the mine's copper output to the increase in production at Konkola and Nchanga mines.

He said the production was as a result of the fast development works such as of installation of equipment at the fourth shaft and commissioning of the Nchanga Concentrator which had replaced the old concentrator.

Janakaraj said despite the increase in copper production, there was an anticipated fall in copper prices on the London Metal exchange caused by forces of supply and demand and overstocking of copper by the largest buyer, China, which has stocked one million metric tonnes of the commodity.

He also said there was need for the government to come up with favourable stable taxation policies for the mining sector, which he said was a long term investment project which does not produce returns immediately.

"It takes six years to develop a mine and it takes 20 years for the investor to start receiving returns. Small changes that plaque the mining sector negatively affect the performance of the mining sector," he said.

He said KCM was working in collaboration with the Zambia Development Agency and the Zambia Consolidated Copper Mines investment Holdings (ZCCM-IH) on coming up with cheaper value addition products apart from making copper wires and coils which were costly to export because of their being heavy in nature.

Labels: COPPER, KCM

posted by MrK @ 8:06 PM