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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (34689)	3/25/2009 9:06:56 PM
From: LoneClone	Read Replies (1) of 194043

Zambia Govt:Co Rescinds Decision To Shut Nkana,Mufulira Mines Mar 24, 2009 (Dow Jones Commodities News via Comtex) -- DOW JONES NEWSWIRES individual.com Zambia's second leading copper and cobalt producer, Mopani Copper Mines, or MCM, has rescinded its decision to close its Nkana and Mufulira mines on April 14, fearing a possible government takeover, a government official told Dow Jones Newswires Tuesday. The official with the Ministry of Mines and Minerals Development said by telephone from Lusaka that MCM's management had informed the government of its latest position and is now considering other avenues. Company officials declined to comment. The government official said the decision followed the government's insistence that it would take over the mines should the company go ahead with its plans to put them under care and maintenance. He added that several companies have expressed interest in taking over ailing mines in Zambia. Earlier this month, MCM - a joint venture between First Quantum Minerals Ltd. (FM.T) and Swiss commodity trader Glencore International AG - told the government it would close the mines on April 14, citing low global copper prices. The company said it would consider reopening the mines if copper prices reached around $5,500 a metric ton. -By Nicholas Bariyo, contributing to Dow Jones Newswires; +256-75-2624615; bariyonic@yahoo.co.uk (END) Dow Jones Newswires 03-24-09 0434ET

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