Glencore's copper company declares force majeure rejected by Zambia's mining sector

SMM4, March 8: Zambian Mining Minister Richard Musukwa said Tuesday that Glencore's Mopani copper company (MCM), based in Zambia, had declared force majeure, but said it would not support the decision, mainly because it violated relevant laws and regulations. It is reported that the Zambian government has rejected its decision to cut 11000 jobs temporarily within 24 hours.

Musukwa added that the mining sector had not found anything that made MCM uncontrollable or inevitable.

In March, Glencore conducted a review of MCM aimed at cutting spending. At the time, Glencore said the lower price of copper and the uncertainty caused by the epidemic had caused losses to the company.

In 2018, the Mopanni copper mine produced about 119000 tonnes of copper, with Glencore holding 71.3 per cent, first Quantum 16.9 per cent and ZCCM-IH 10 per cent.

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