Copper output in Africa’s second largest producer could decline by as much as 100,000 tonnes this year, adding to recent, sharp declines at the world’s main producing nations.
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The restart of operations follows a refurbishing process designed by new operator CNM back in 2014.
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Company has signed a new $2.7-billion term loan and revolving credit facility, replacing the existing $1.5 billion one.
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The precious gemstones miner has agreed, on a no-admission-of-liability basis, to settle claims brought against it by a group of 273 Mozambicans related to its ruby mine in northern Mozambique.
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The Canadian miner planned to lay off 2,500 workers due to higher mining taxes in the country, but has now decided to continue dialogue with the government over the issue.
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While company denied media reports that it had sold Lumwana, it said that given the challenging conditions the mine was facing in Zambia, all options would have to be considered.
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The Canadian miner miner said the job cuts will be implemented in phases during the first quarter of 2019, adding they’ll be equally split between its Kansanshi and Sentinel mines.
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There were no findings of wrongdoing or late payment, the Zambia’s Revenue Authority (ZRA) said.
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