UPDATE 1-Metorex Resumes Full Output at DRC Copper Mine-Shanghai Metals Market

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UPDATE 1-Metorex Resumes Full Output at DRC Copper Mine

Industry News 09:50:24AM Dec 02, 2010 Source:SMM

JOHANNESBURG, Dec 1 (Reuters) - South African miner Metorex (MTXJ.J) said on Wednesday its Ruashi copper mine in the Democratic Republic of the Congo had resumed full production after a technical fault had been fixed.

The company said the recurring electrical problems had hit production at the mine for more than five weeks.

As a result, copper output is likely to fall by 20 percent in the October-December quarter from 8,566 tonnes in the previous three months, it said.

Cobalt production is expected to drop 16 percent in the same period from the 1,057 tonnes mined in the three months to end-September.

Shares of Metorex were up 1.57 percent at 4.52 rand by 0859 GMT, compared with a 1.2 percent rise in Johannesburg's All-Share index .JALSH. Metorex said in a statement it had repaired a faulty transformer to reduce the possibility of further failure until the arrival of two more transformer units.

One of the units has already arrived on site, while another would be delivered during the first quarter of next year. The company said it had put measures in place to mitigate the risk of future production outages.

"Ruashi mine management is confident that the probability of future major production outages has been reduced," it said.

 

 

UPDATE 1-Metorex Resumes Full Output at DRC Copper Mine

Industry News 09:50:24AM Dec 02, 2010 Source:SMM

JOHANNESBURG, Dec 1 (Reuters) - South African miner Metorex (MTXJ.J) said on Wednesday its Ruashi copper mine in the Democratic Republic of the Congo had resumed full production after a technical fault had been fixed.

The company said the recurring electrical problems had hit production at the mine for more than five weeks.

As a result, copper output is likely to fall by 20 percent in the October-December quarter from 8,566 tonnes in the previous three months, it said.

Cobalt production is expected to drop 16 percent in the same period from the 1,057 tonnes mined in the three months to end-September.

Shares of Metorex were up 1.57 percent at 4.52 rand by 0859 GMT, compared with a 1.2 percent rise in Johannesburg's All-Share index .JALSH. Metorex said in a statement it had repaired a faulty transformer to reduce the possibility of further failure until the arrival of two more transformer units.

One of the units has already arrived on site, while another would be delivered during the first quarter of next year. The company said it had put measures in place to mitigate the risk of future production outages.

"Ruashi mine management is confident that the probability of future major production outages has been reduced," it said.