Hit by a slump in copper prices, Zambia should maintain stable mining policies and taxes to avoid losing out to new, lower cost mines elsewhere, said the Chamber of Mines President Nathan Chishimba.
Zambia Mining News
The company will start cutting nearly 80% of its workforce at its Collinsville coal mine in March next year, as it dials back mining at the site.
For nearly five centuries gemstones have been synonymous with wealth, power, luxury and royalty.
The emeralds and rubies miner raised $19.2 million from its recent auction in Jaipur, India.
The stock ignored news from Zambia where President Edgar Lungu said he would not allow the firm to lay off workers at its Mopani Copper Mine, as it mothballs it for 18 months.
The contract will give the company, which wants to become a one-stop shop African fertilizer business, a platform to distribute the product across eastern and southern Africa.
According to SRK, the company needs to spend $84 million over the first four years of the project
The alleged deals involve Glencore's Collahausi mine in Chile, as well as Antamina and Antapaccay copper mines in Peru.
Carroll, who led Anglo American from 2007 to 2013, will chair the company’s Vedanta Resources Holdings Ltd. unit and advise the group’s chairman.
The share sale is set to reduce the company’s net debt by a third to around $20 billion by the end of 2016.
The country’s environmental management authority found the copper concentrate imported from Chile had high levels of arsenic, a toxic substance.
As mining companies in resource-rich Africa bleed jobs due to plunging commodity prices, the ripple effect of redundancies has raised concern about social unrest amid declining economic growth.
This marks a key point in the company’s on-going geographic expansion strategy which is aimed at increasing its presence in key growth markets.
Mounting pressure from investors has forced the firm to come up with a $10 billion package of debt-reduction measures.
Konkola Copper Mines, owned by Vedanta, said the move was a result of poor metal prices, which has hit the global copper industry very hard.
The Vancouver-based miner aims to produce 280,000 to 300,000 tonnes of the red metal a year, but commercial levels won't be reached until state power utility Zesco finish connecting the mine to the power grid.
The red metal dropped to $5,012 on trading on the London Metal Exchange, approaching the level of $5,000 it last hit in late 2008.
London-listed Vedanta Mining (LON:VED) will be in court to defend itself against claims by hundreds of Zambian villagers that its copper mining operations polluted a water source and farmland.
Power restrictions could hit output of most copper mines operating in the country.
The Chamber of Mines wants the government to reconsider its decision to hike corporate income tax rate on mineral processing from 30% to 35%, which came in effect July 1.
New data by International Copper Study Group predicts copper mine output will grow 5.7 million tonnes by 2018 as Peru, Zambia and Mexico ramp up production.
The move puts an end to a nearly nine-month standoff that has hit output and profits in Africa’s second largest copper producer.
The country's national pension fund has bought 15.9 million shares of Zambia's Consolidated Copper Mines-Investment Holdings for almost $80 million.
Underground mining royalties cut to 6% from 9%.
Mines minister Christopher Yaluma said reducing royalties below the recently revised 9% would make underground mining more cost effective.