Copper output in Zambia, Africa’s largest producer of the metal, rose to 573,405 tonnes between January and October this year, compared with 480,665 tonnes in the same period last year, the central bank said on Tuesday.
The Bank of Zambia said in a report that cobalt production dropped to 3,537 tonnes in the period compared with 3,902 tonnes during the first 10 months of 2008.
It said the southern African country exported 555,939 tonnes of copper to end-October, up from 463,281 tonnes exported in 2008, while cobalt exports were 3,934 tonnes compared with 3,848 tonnes.
Zambia has projected a slight rise in total copper output for 2009 to 664,000 tonnes, compared with previous estimates of 600,000 tonnes due to rising production in its mines.
The Treasury says there are prospects of a significant rise in both copper and cobalt output when London-listed Vedanta Resources Plc (VED.L) completes its $500 million Konkola Deep Mining Project (KDMP).
The project is expected to lift production at Konkola Copper Mines, a unit of Vedanta, to 500,000 tonnes per year in 2010 from the current average of 200,000 tonnes per year.
Foreign mining companies operating in Zambia include First Quantum Minerals FT.MO, Australia’s Equinox Minerals (EQN.AX) and Swiss firm Glencore International [GLEN.UL]. (Reporting by Chris Mfula, editing by Anthony Barker)
(Reuters)
This is good but it still breaks my heart to see that after more than 40 years of independence, Zambia’s mines are still owned and operated by foreigners.
Well its good but try to explain in percentage terms so its much easier to understand than the tonnas this and that or maybe its just me
Wrong title again LT. This is no longer Zambia Copper any more. Zambian sits on top of foreign owned copper ore. Zambia does not own any copper any more. It is like the Luangwa and Zambezi River waters, never used but starts and passes in Zambia while masses go without clean drinking water. Only benefit is to be killed or maimed by the crocodiles that enjoy the ever flowing rivers of Zambia. Thank Zambia. The Real Africa.
#3 you are so right. While I look forward to Zed registering 1 million tonnes, I look forward to Zambian ownership of of businesses so that dividend payouts remain in the country and can be lent out to you and I. This could ease credit conditions for the small guy who has a great idea but has no capital while creating a domestic cushion in the event of another international crisis.
#1,2,3 & 4 I agree totaly with you and understand your frustration. Bu tell me I need to understand why those in leadership don’t see it that way.
Kalos2020
Take into consideration the fact that it was not until 1969 that Zambia ever owned the copper mines and that was just 51% majority shareholding. Prior to this the peak output of copper was 700,000 tonnes. From the time the Zambians took over and a Standard 6 President became chief executive officer of the giant ZIMCO, copper production began to fall until in the mid 80s we were struggling to produce 300,000 tonnes! By then, the mines were almost wholly owned and managed by Zambians! It is painful but it is a reality that ‘maboyi’ failed. Revenue from mineral tax dwindled and thousands were unemployed or poorly paid. Whatever our anger, this is better than nothing and so let us learn from history. Francis Kaunda said that mines had 15 years life span in 1985!
# 1,2,3, and 4 I agree with you and would look foward to Zambian ownership. However I dont think that the Government does not see it. Its just that Zambians lack the capacity. This is a poor country which until recently had a Government budget of only 2 million dollars. ( now it has risen to bout 3 million) > These projects require massive sums and expertise that Zambians are lacking. We need to look at history and see that the attempt to have Zambians own the mines thru parastatlas failed. There is however need to go back to the drawing board and res trategise to bring Zambians on board
Let us think seriously about the so-called Zambia being the major copper producer in southern Africa. First, shame upon you for talking about something that doesn’t benefit us as Zambians. If my grade seven Geography is right, Zambia has gone down from being the second copper producer after Chile. We used to learn how Zambian copper used to be the best on the world market, but what benefit has copper brought to poor Zambia miners? If you go to the so called Copper-belt, you can’t find anything attractive that can tell you that you are in the copper-belt. All you can find are the open pits. Don’t fool us in believing those lies. We are sick and tired.
I really give you Mwansa 100% support for this issue it pains me so much copperbelt was suppose to be with highest tall buildings for the wealth it has,those houses for miners where suppose to be demolished and build modern hses for those guys they sweat alot underground, yu cant fool us all the time:-?~X(=))