Zambia's copper output increased by 16% in 2008, the country's central bank, Bank of Zambia, announced on Monday. Total production was 604,731 metric tons of copper, compared with 521,984 tons in 2007.
The country's Finance Ministry also announced that Zambia's mining sector, which is dominated by copper and cobalt mining, recorded growth of 4.9%, compared with 3.6% in 2007.
Zambia exported a total of 585,170 metric tons of copper in 2008, compared with 490,940 tons in 2007. However, cobalt output dropped to 4,616 tons in 2008, down from 4,885 tons in 2007, a fall attributed to the closure of Luanshya Copper Mines, the country's leading cobalt producer.
In December, Zambia produced a record 68,275 metric tons of copper, compared with 49,275 tons in December 2007.
The Chamber of Mines of Zambia says the country's mining sector has been hit hard by dwindling demand for copper on the world market since July last year, and the country is unlikely to hit its production target of 750,000 tons in 2009.
Source: Dow Jones
No comments:
Post a Comment