Minmetals Says Power Cuts Hit Copper Target at Congo Mine-Shanghai Metals Market

Hot Keywords

  • Inventory data
  • Air pollution
  • Macroeconomics
  • Production data
  • Futures movement
  • Zinc
  • Aluminium
  • hydrogenation stations
  • Nickel
  • Copper
  • Market commentary
  • nickel laterite
  • In the United States
  • Morning comments
  • Nickel ore

Minmetals Says Power Cuts Hit Copper Target at Congo Mine

Industry News 09:56:50AM May 02, 2012 Source:SMM

SYDNEY May 2 (Reuters) - China's Minmetals Resources said on Wednesday its copper mine in Democratic Republic of Congo would fall short of production targets due to power disruptions.

"These disruptions have resulted in the rescheduling of mining operations and a reduction in ore mining as there has been inadequate power to ramp up production," Minmetals Chief Executive Andrew Michelmore said in a statement

Hong Kong-listed Minmetals, a unit of China's biggest metals trader, in February acquired the Kinsevere copper project in the DRC as part of its $1.3 billion takeover of Africa-focused Anvil Mining.

A short-term solution to provide power was being sought through the installation of temporary diesel generators on at the mine, Minmetals said.

The generators are expected in June and will provide stable back-up power during the second half of 2012, it said.

Minmetals also said it had negotiated additional off-peak power from the Zambian power authority with the Société nationale d'électricité, the national electricity company of the DRC.

Minmetals said the mine would yield between 28,000 and 32,000 tonnes of copper cathode from March to December with a view to ramp up to full strength by the end of 2012. Annual capacity is about 60,000 tonnes.

The company also said its Century mine in Australia, the world's third-largest zinc mine, produced 112,873 tonnes of contained zinc during the quarter, up 18 percent from the same period a year ago.

Contained lead output at the mine rose 6 percent to 3,960 tonnes over the period, it said.

Minmetals Resources is 72 percent-owned by China's state-owned Minmetals group.

 

Minmetals Says Power Cuts Hit Copper Target at Congo Mine

Industry News 09:56:50AM May 02, 2012 Source:SMM

SYDNEY May 2 (Reuters) - China's Minmetals Resources said on Wednesday its copper mine in Democratic Republic of Congo would fall short of production targets due to power disruptions.

"These disruptions have resulted in the rescheduling of mining operations and a reduction in ore mining as there has been inadequate power to ramp up production," Minmetals Chief Executive Andrew Michelmore said in a statement

Hong Kong-listed Minmetals, a unit of China's biggest metals trader, in February acquired the Kinsevere copper project in the DRC as part of its $1.3 billion takeover of Africa-focused Anvil Mining.

A short-term solution to provide power was being sought through the installation of temporary diesel generators on at the mine, Minmetals said.

The generators are expected in June and will provide stable back-up power during the second half of 2012, it said.

Minmetals also said it had negotiated additional off-peak power from the Zambian power authority with the Société nationale d'électricité, the national electricity company of the DRC.

Minmetals said the mine would yield between 28,000 and 32,000 tonnes of copper cathode from March to December with a view to ramp up to full strength by the end of 2012. Annual capacity is about 60,000 tonnes.

The company also said its Century mine in Australia, the world's third-largest zinc mine, produced 112,873 tonnes of contained zinc during the quarter, up 18 percent from the same period a year ago.

Contained lead output at the mine rose 6 percent to 3,960 tonnes over the period, it said.

Minmetals Resources is 72 percent-owned by China's state-owned Minmetals group.