Vedanta to exclude base metals business from sweeping demerger
The group said it will consider the base metals business demerger at a later stage.
On Saturday health and environment officials in Zambia ordered the immediate closure of Mopani copper plant over complaints from residents of a nearby town.
Mopani Copper Mine is owned by Swiss commodities giant Glencore and operates four underground mines, a concentrator and a cobalt plant in the town of Kitwe and an underground mine, concentrator, smelter and refinery in the town of Mufulira.
Bikay Masr reports “over 3,200 residents in Butondo had been urging the Zambia Environmental Management Authority (ZEMA) to look into a series of health complaints dating back to 2006, with many locals relocating their children to relatives and friends in other towns.”
Mopani’s stated production capacity is 250,000 tonnes of copper and 2,400 tonnes of cobalt.
Separately workers at Zambia’s largest copper mine Kansanshi stopped work over a wage dispute on Thursday according to the country’s labour ministry.
Reuters quotes the company spokesman as saying: “There is nothing happening. The workers have blocked the entrance to the mine and we are not producing copper.”
The mineworkers are demanding a 17% jump in wages, which is on par with the salary increases Glencore paid the Mopani workers last month.
Kansanshi produces roughly 230,000 tonnes of copper annually and is owned by First Quantum Minerals.
5 Comments
Haswellsikana
The 17% increase being talked about is in Zambian Kwacha, the countrys currency.The exchange rate when the last increase was given stood at 4500 Kwacha per dollar. The Kwacha is now trading at 5260 Kwacha per US Dollar, a16.8% reduction of income due to exchange losses.Kansanshi by offering less than this figure will actually have a wage bill lower than that of January 2011. This less than 17% offer is being made against the country’s inflation of circa 9%. In short the Zambian worker at Kansanshi is earning less than they did in 2011
Georgie
Kansanshi is ownes by First Quantum Minerals.
georgie
*owned*
MINING.com Editors
Thanks Georgie, it is now fixed.
thiru
THE 17% JUMB GIVEN IN THE LAST MONTH WAS FROM KONKOLA COPPER MINES PLC, (VEDANTA GROUP)