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

To: LoneClone who wrote (30849)	1/6/2009 11:31:25 AM
From: LoneClone	Read Replies (1) \| Respond to of 194034

Sumitomo Mining cuts H2 copper output plan by 7% miningweekly.com By: Reuters Published on 5th January 2009 TOKYO - Sumitomo Metal Mining Co, Japan's second-largest copper smelter, said it has cut its copper production plan by 7 percent for the six months to March as the economic slump eats into demand for the metal. The company now plans to produce 201 000 tonnes of copper in October-March, down from 215 000 tonnes it planned in April. The deepening global recession has led to a sharp fall in the use of industrial metals including copper, which has a range of applications from electronics and construction to automobiles. "We have decided to reduce output in January-March due to the sharp decline in nonferrous metals demand as a result of the deterioration in the real economy," the company said in a statement. A senior Sumitomo Metal Mining official had told Reuters in December that the company planned to cut copper output in the January-March quarter due to weakening demand. Sumitomo Metal Mining will also curb output of nickel, which has been hit by poor demand for semiconductors as well as lower production of automobiles. It will cut zinc output as well due to a sharp decline in exports, and the company said it has decided to move forward to March maintenance checks that it had originally planned to undertake in April. It will now conduct maintenance checks at its Harima Smelter, which produces zinc and lead, for about 23 days in March.