Business

Cobalt demand rises

IN MAY 2014, a technical committee constituted by Government to evaluate the performance of Konkola Copper Mines found that capital projects totalling US$2.8 billion were financed through Konkola’s own cash flow, lease finance and short-term bank loans. PICTURE: MATTHEWS KABAMBA

NANCY MWAPE
Lusaka
COBALT has recorded a significant demand on the London Metal Exchange (LME) trading at US$33,100 per tonne, representing 14.14 percent spike from US$29,000 recorded two weeks ago.
Zambia’s annual cobalt production stands between 30 and 33 tonnes per annum.
Cobalt is produced by Konkola Copper Mines.
According to the Zambia Extractive Industries Transparency Initiative (EITI) mineral commodity prices dashboard, the current price indicates 3.44 percent increase from US$32,000 recorded in January 2020.
“It is worth noting that this week’s [last week] price is the highest that cobalt has recorded since January 2020,” the EITI report issued on Friday states.
Copper, which is Zambia’s major foreign exchange earner, closed last week trading at US$6,453.5 per tonne on the international market. CLICK TO READ MORE



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