KALONDE NYATI, Lusaka
ZAMBIA’S copper production increased by eight percent to 368,371 tonnes in the first six months of this year due to Kalumbila Mine’s increased production, Zambia Chamber of Mines has disclosed.
Zambia Chamber of Mines president Nathan Chishimba said in a statement issued on Tuesday that the increase in copper production from 340,510 tonnes recorded in the same period last year has also been attributed to the favourable mining tax regimes and fiscal stability in the country.
The production results are based on returns from the mining companies and are slightly lower than 373,375 tonnes reported by Government because the Ministry of Mines also captured production figures from the small-scale mines, which are not members of the chamber.
Mr Chishimba said Kalumbila’s ramp-up has continued to contribute significantly to the industry performance with the mine’s half-year production standing at more than the 32,952 tonnes produced in the same period last year.
He said although there has been a slight decline in production by key players, the production losses have been offset by increased production at Kalumbila Mine.
“We have seen some understandable decline among one or two key players, their production losses have been offset by increased production at Kalumbila. Ultimately, all things being equal, we do see a net increase in output at the end of the year and onwards, especially after the commissioning of Mopani’s synclinorium shaft and Konkola’s deep mining project in Chililabombwe,” he said.
Mr Chishimba said the chamber is upbeat that the country will produce about 750,000 tonnes by the close of the year.
Meanwhile, the price of copper has increased although remained close to its weakest level in four weeks as persistent signs of oversupply amid tepid Chinese demand growth weighed on prices.
According to Reuters, the price of copper on the London Metal Exchange (LME) edged up yesterday as the dollar eased, but stayed close to its weakest level in four weeks as persistent signs of oversupply amid tepid Chinese demand growth weighed on prices.
Three-month copper on the LME edged up 0.4 percent to US$4,797 a tonne, after a 0.6 percentage drop in the previous session when prices fell to their weakest since July 12 at US$4,761 a tonne.