Zambian copper production up 36% to 133,328 tonnes
Despite a 36% increase in copper production for the first two months of this year, Zambia's central bank governor stopped short of forecasting production for 2009.
Posted: Wednesday , 25 Mar 2009
LUSAKA (Reuters) -
mineweb.co.za
Zambian copper production rose more than a third in the first two months of 2009 and prospects for continued output growth were good despite some mines having shut due to the economic crisis, the central bank said on Tuesday.
Production in the southern African country rose 36 percent to 133,328 tonnes from a year earlier, Bank of Zambia Governor Caleb Fundanga told a news conference.
Fundanga, who gave no projection for 2009 output, said although lower copper prices had prompted temporary shutdowns, the country still hoped to increase production with the opening of a bigger mine in the north-west of the country.
"The signs that we are seeing in the economy are positive. Although some mines have closed (down) we have a big mine at Lumwana," Fundanga said of what is being billed as Africa's largest copper mine.
"The price of copper is also rising ... Many analysts projected that the price would be at $4,900 per tonne by the end of 2009 but we have hit the $4,000 per tonne mark even before the second quarter."
Zambia exported 115,884 tonnes of copper during January-February 2009, earning $362.7 million, compared with 75,727 tonnes in the same period of 2008.
Cobalt export earnings were pegged at $10.7 million.
Copper mining is Zambia's main economic lifeblood and accounts for close to two-thirds of the country's foreign currency earnings, as well being a major employer in this country of 12 million people. (editing by John Stonestreet) |
