Wednesday, November 5, 2008

Zambia copper output up 12,9%in Jan-Aug

Reuters, 04/11/2008

Zambia's copper cathode production rose 12,9% to 377 598 t for the eight months to August compared with last year's output during the same period, central bank data showed on Tuesday.

The Bank of Zambia (BoZ) fortnight statistics report obtained by Reuters showed that copper production came in at 377 598 t from January to August this year while 334 327 t was produced for the same period in 2007.

It indicated that copper exports were recorded at 355 708 t in the same period this year compared with 318 163 t last year.

Analysts say the country's copper production has risen due to higher demand by China and also the opening up of new mines in the mineral-rich southern African country.

Cobalt production for the same period however, marginally declined to 3 081 t versus 3 185 t for the eight months to August 2007 while exports of cobalt were recorded at 3 098 t compared with 3 139 t the previous year.

Copper production is Zambia's economic lifeblood and the copper mines are a major employer in this country of 12-million people.

The Treasury estimates that 600 000 t of copper will be produced in 2006 compared with 535 000 t output for last year, while further projections are that production will hit one-million tones by 2010, following huge investments from foreign firms in the copper industry.