Thursday, March 28, 2024

Exercise caution before making final decisions- Chishimba

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minesThe Chamber of Mines has appealed to mine owners to exercise caution before making final decisions on future operations of their mines even in the face of the global financial recession which has affected the mining sector globally.

Chamber of Mines president, Nathan Chishimba, said in an interview yesterday that it would be beneficial for both mine owners and Government to exercise maximum restraint when making decisions that would affect the operations of the mines.

He also appealed to Government to consider talks with mine owners about the future prospects of mines in Zambia following the drop in metal prices globally.

Mr Chishimba said there was need for mine owners and Government to make productive decisions for the mines to continue operating.

“This is a very difficult period for the mining sector not only in Zambia but globally,” Mr Chishimba said.

And Mr Chishimba said there was need for Government and Glencore to meet and discuss comprehensively on the way forward before implementing the directives by Government that Glencore should surrender assets of Mopani Copper Mines (MCM) in Mufulira and Nkana Copper Mines in Kitwe.

Government last week ordered Glencore to surrender the assets following the decision by the investor to suspend operations at the two mines and place them under care and maintenance until copper prices returned to US$5,500 per tonne.

“That matter can nicely be handled by the owners of the assets but as a chamber, we can only advise that the two parties should sit down and discuss the matter comprehensively on the way forward,” Mr Chishimba said.
[Zambia Daily Mail]

18 COMMENTS

  1. Main problem is most current mine owners are not real mining houses but simple traders who have no knowledge on trends concernining the business of mining.

  2. Actually it is the Zedian Govt that is supposed to exercise maximum caution when signing contacts with these infestors. Problem is that most contacts that GRZ has signed/sign with the so called investors have a lot of loopholes. GRZ will never learn…..

  3. What caution? The Mine Owners want to shut down shop. What caution? The Govt., must move in and safeguard the employment. At current levels of production and selling price of metals the Mines are not making a loss. I dont understand their cry. When they made supper profits, they never shared with anybody but externalised and the owners lead a lavish lifestyle, now the equation is balancing itself, they want to pull out! Zambia should learn a lesson from this. 100% selling is not idea. we should retain 40% shares or 30% to safeguard ourselves.

  4. WHY MAGANDE AND NOT SILIYA AND JEFIE KANDE. YOUNG MAN BE REALISTIC.ARE YOU REALLY A YOUTH OR AN OLD FULL PRETENDING TO BE A YOUTH?

  5. I just feel sorry for the affected Ba shimaini and their families as these job losses will increase the number of street kids and lawlessness in the country. With no unemployment benefit/subsidy to cushion such incidents, poverty levels will be on the increase…… big time.

    • SANTIAGO (AFP) – The world’s largest copper producer reported Friday a more than 40 percent drop in earnings in 2008 due to rising costs, declining production and a sharp fall in the metal’s price from record highs.

      Chile (CHILE.SN – news) ‘s state-owned Codelco copper company said its earnings fell 41 percent to 4.968 billion dollars in 2008 from 8.451 billion in 2007 due to the steep drop in sales and prices.
      Despite the downturn, Codelco president Jose Pablo Arrellano said the company had no plans to lay off workers and would invest two billion dollars in 2009.
      Codelco produced 1.46 million tons of copper in 2008, down from 1.58 million the year before due mainly to a decline in…

    • SANTIAGO (AFP) – The world’s largest copper producer reported Friday a more than 40 percent drop in earnings in 2008 due to rising costs, declining production and a sharp fall in the metal’s price from record highs.

      Chile (CHILE.SN – news) ‘s state-owned Codelco copper company said its earnings fell 41 percent to 4.968 billion dollars in 2008 from 8.451 billion in 2007 due to the steep drop in sales and prices.
      Despite the downturn, Codelco president Jose Pablo Arrellano said the company had no plans to lay off workers and would invest two billion dollars in 2009.
      Codelco produced 1.46 million tons of copper in 2008, down from 1.58 million the year before due mainly to a decline in…

  6. SANTIAGO (AFP) – The world’s largest copper producer reported Friday a more than 40 percent drop in earnings in 2008 due to rising costs, declining production and a sharp fall in the metal’s price from record highs.

    Chile (CHILE.SN – news) ‘s state-owned Codelco copper company said its earnings fell 41 percent to 4.968 billion dollars in 2008 from 8.451 billion in 2007 due to the steep drop in sales and prices.
    Despite the downturn, Codelco president Jose Pablo Arrellano said the company had no plans to lay off workers and would invest two billion dollars in 2009.
    Codelco produced 1.46 million tons of copper in 2008, down from 1.58 million the year before due mainly to a decline in…

  7. SANTIAGO (AFP) – The world’s largest copper producer reported Friday a more than 40 percent drop in earnings in 2008 due to rising costs, declining production and a sharp fall in the metal’s price from record highs.

    Chile (CHILE.SN – news) ‘s state-owned Codelco copper company said its earnings fell 41 percent to 4.968 billion dollars in 2008 from 8.451 billion in 2007 due to the steep drop in sales and prices.
    Despite the downturn, Codelco president Jose Pablo Arrellano said the company had no plans to lay off workers and would invest two billion dollars in 2009.
    Codelco produced 1.46 million tons of copper in 2008, down from 1.58 million the year before due mainly to a decline in…

  8. SANTIAGO (AFP) – The world’s largest copper producer reported Friday a more than 40 percent drop in earnings in 2008 due to rising costs, declining production and a sharp fall in the metal’s price from record highs.

    Chile (CHILE.SN – news) ‘s state-owned Codelco copper company said its earnings fell 41 percent to 4.968 billion dollars in 2008 from 8.451 billion in 2007 due to the steep drop in sales and prices.
    Despite the downturn, Codelco president Jose Pablo Arrellano said the company had no plans to lay off workers and would invest two billion dollars in 2009.
    Codelco produced 1.46 million tons of copper in 2008, down from 1.58 million the year before due mainly to a decline in…

  9. SANTIAGO (AFP) – The world’s largest copper producer reported Friday a more than 40 percent drop in earnings in 2008 due to rising costs, declining production and a sharp fall in the metal’s price from record highs.

    Chile (CHILE.SN – news) ‘s state-owned Codelco copper company said its earnings fell 41 percent to 4.968 billion dollars in 2008 from 8.451 billion in 2007 due to the steep drop in sales and prices.
    Despite the downturn, Codelco president Jose Pablo Arrellano said the company had no plans to lay off workers and would invest two billion dollars in 2009.
    Codelco produced 1.46 million tons of copper in 2008, down from 1.58 million the year before due mainly to a decline in…

  10. SANTIAGO (AFP) – The world’s largest copper producer reported Friday a more than 40 percent drop in earnings in 2008 due to rising costs, declining production and a sharp fall in the metal’s price from record highs.

    Chile (CHILE.SN – news) ‘s state-owned Codelco copper company said its earnings fell 41 percent to 4.968 billion dollars in 2008 from 8.451 billion in 2007 due to the steep drop in sales and prices.
    Despite the downturn, Codelco president Jose Pablo Arrellano said the company had no plans to lay off workers and would invest two billion dollars in 2009.
    Codelco produced 1.46 million tons of copper in 2008, down from 1.58 million the year before due mainly to a decline in…

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