Mainly due to lower output from Konkola Copper Mines, a subsidiary of London-listed Vedanta Resource
Zambia Mining News
Power has been restricted due to a dispute over new, higher tariffs.
Mopani Copper Mines, Glencore's Zambian unit, said on Tuesday it may lay off nearly 5,000 workers due to a dispute with its electricity supplier over prices that has led to reduced power supply to its […]
Zambia's state power company reduced electricity supply to two First Quantum copper mines because the mining firm had failed to pay the new flat electricity tariff.
Zambia's state power company made the decision amid an ongoing dispute over the implementation of new electricity tariffs in the country.
Glencore's Zambian Mopani Copper Mines unit suspended operations in certain areas on Saturday after the Copperbelt Energy Corporation (CEC) restricted power supply to its sites in both the Kitwe and Mufulira regions.
Zambia's Konkola Copper Mines (KCM) said on Tuesday it was halting operations indefinitely at its Nchanga underground mine (NUG) in Chingola state due to theft of high voltage cables.
The South African firm has secured control of the gemstones producer and plans to delist it.
Gemfields has been at the centre of a bidding war between the South African private equity group and Fosun Gold, a unit of Fosun International.
South Africa-listed Pallinghurst now needs just 60% of Gemfields’ shareholders to back its unsolicited takeover offer.
The precious stones miner has recommended shareholders to accept offer, despite considering it “unfair.”
It sold $54.8 million worth of rubies, a record high for any Gemfields auction and a 24% increase in revenue from the previous record.
Gemfields, which mines for emeralds and amethysts in Zambia and for rubies in Mozambique, had already received a buyout offer from largest shareholder Pallinghurst Resources.
Power price resolution could come within ‘weeks’, chamber says
The group of 31 people arrested over the weekend at the copper-mining town of Chingola, includes a pregnant woman and two other people with malaria.
Company called Pallinghurst Resources' bid “derisory”, adding it "clearly undervalues" the firm.
A surge in commodity prices combined with its multibillion-dollar asset fire-sale has put the company in a position to pay big dividends and explore acquisitions.
The auction of emeralds from the miner's Kagem operation in Zambia will now be in February.
While output was down for most commodities it mines and sales, it has improved earnings forecast for its trading unit.
State-owned copper mining investment holding company wants to branch out into agriculture, energy and manufacturing.
Just as government threatened to withdraw the licences of mining firms which refused to pay the increased taxes so did the mining companies threaten to stop their mining activities.
Despite a rebound in commodity prices and successful costs cuts, Glencore remained in the red in the six months to end-June.
According to a UN report, since 2000 two-thirds of South Africa's gold exports – mostly to India – did not appear on its trade partners' books.
Peru's output surges, North American producers slip down the rankings and Chinese mines shut down.
Glencore's $1.1 billion investment in Mopani marks a turnaround for Zambia’s copper sector and will help lift economic growth to 5% by 2018.