Copper price edges down to two-week low amid demand uncertainty
The metal headed for a third daily decline, with copper miners also under pressure as a risk-off mood took hold in broader equity markets.
Canadian miner First Quantum Minerals Ltd said on Monday it plans to expand operations at the Kansanshi mine in Zambia, Africa’s biggest copper mine.
In a technical report, the company said it plans to expand the sulphide ore processing facility at the Kansanshi mine by 25 million tonnes per annum (mtpa), which will boost annual throughout to 52 mtpa.
First Quantum expects to spend nearly $650 million for the expansion in about two years, starting in the second half of 2023. This expansion plan will continue to be further refined before project approval is sought, the company added.
Reuters had reported earlier in January that the Canadian miner was weighing an investment of around $1 billion to lift output at the Kansanshi copper mine, despite a feud with state miner ZCCM-IH over project funding.
(By Shradha Singh; Editing by Krishna Chandra Eluri)
2 Comments
Emmanuel Mbita
Would like to know more about Mopani Mine operations challenges
Jimmy James mumba
This is good because it will bring job creation to main zambians!!!