Capstone building copper-cobalt district in Chile

Zambia plans to reduce its budget deficit next year, even as it makes further cuts to copper mining royalties.

In a presentation at Perumin, finance minister Kurt Burneo reiterated the policy priorities that have endeared him to the industry, such as maintaining tax rates, offering fiscal benefits and cutting red-tape in a bid to attract investments.

Miner will transfer its copper assets in the country to Salobo Metais SA and its nickel assets to a new venture it will form.

The discovery, known as the Umburana System, has been traced for 5 km so far and is open in all directions.

Reuters sources say the exchange was planning to discuss banning new deliveries of Russian metal so its warehouses cannot be used to offload hard-to-sell stock.

The facility is expected to produce at least 1.5 million tonnes of copper over about 19 years.

Incorporating the updated reserve base, the Copper Mountain mine plan has been extended to 32 years with the 65,000 t/d expansion commencing in 2028.

The P/S deposit is located 2 km southwest from the Cactus open pit along the mine trend and demonstrates the same geological characteristics.

Zambia's previous government put KCM in the hands of a liquidator in May 2019, triggering a legal dispute with Vedanta Resources.