Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (30424)	12/16/2008 9:27:18 PM
From: LoneClone	Read Replies (1) \| Respond to of 193982

Lumwana intensifies copper production daily-mail.co.zm LUMWANA Copper Mine (LCM) managing director Harry Michael says the mining company has no intentions of cutting down on production time despite the credit crunch which has affected copper revenue . Mr Michael said in an interview on Friday in Solwezi that the company had just started producing copper concentrates and that it would not be in the interest of the company to cut down on production time. Mr Michael said if the company had its way it would have wanted the workers to work for more than 12 hours but it was mindful not to go against labour laws of the country. First Quantum Mining and Operations (FQMO) has cut down on production time from 12 hours to eight hours to avoid proposed worker’s redundancies at Kansanshi Mine in Solwezi. Mr Michael said the company was committed to achieving its targets and that it could not afford to cut down on production time. “We are just starting production. We cannot therefore cut down on production time because we want to meet our target and exceed. “The workers will be able to work for 12 hours but we want them to work for over time so that they can have more money in their pockets,” he said. Mr Michael said the mining house was committed to addressing the concerns that affected the workers. Meanwhile, Minister of Mines and Minerals Development, Maxwell Mwale says government is evaluating a number of options in ensuring that Luanshya Copper Mines (LCM) continues its operations On Saturday, President Banda revealed that Luanshya mine will be placed under care and maintenance. Mr Mwale said government’s paramount concern was to ensure that there were no job losses at the mine. He said this in an interview in Lusaka yesterday. Mr Mwale could however not give details of the options government was working on. And Roan Member of Parliament Chishimba Kambwili has appealed to government to source funds from the World Bank to run the mine to avoid job losses. Mr Kambwili said this in an interview in Luanshya yesterday. He said the developments at Luanshya mine were not beyond redemption. “What has happened at the mine is extremely sad but is not beyond redemption,” Mr Kambwili said. He said it was important for government to increase its share holding in the mine to about 30 per cent as opposed to the golden share which is less than five per cent. Mr Kambwili said government could lose a lot of revenue if it did not intervene in the problems at the mine. He said the development meant the operations at the mine had been suspended. And Mine Workers Union of Zambia president Rayford Mbulu said the union was pleased with government’s concern about avoiding job losses and its intentions to look at other options to save the mine. Mr Mbulu said the meeting between President Banda and the union was fruitful as the two parties shared the same concerns.