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Zambia's copper output in the first six months of 2009 increased by 31.6% on year boosted by the start of commercial copper production at Toronto-listed Equinox Minerals Ltd.'s (EQN.T) Lumwana Copper Mines, the Central Bank of Zambia said Wednesday.
In a report, the bank said that from January to June this year the country's copper mines, including the $762-million Lumwana, produced a total of 379,131 metric tons of copper compared with 288,057 tons produced during the same period in 2008.
The bank had said on Aug. 3 that the country's first half copper production had increased by 18% on year, excluding output from Lumwana, which started commercial production on April 1.
The bank attributes the increase to the recovery of global copper prices since the start of the year, which have induced copper mines to boost output.
Copper exports during the first half also increased up at 353,660 tons from 284,250 tons in the same period last year after the inclusion of production data from Lumwana Copper Mines, the Central Bank data showed. The difference between exports and production is attributed to stockpiling.
Lumwana Copper Mines is located in Zambia's North Western province. The company operates the country's largest open pit copper mine and transports its copper concentrates for treatment at Chinese-owned Chambishi Copper Smelter and Konkola Copper Mines Nchanga Smelter, both located on the Copper Belt province.
However, Equinox Minerals said early this month that output at Lumwana during the quarter ending June 30 was less than expected mainly due to a shortage of mining equipment and trucks as well as lower ore recoveries due to transitional ore zones at the mine.
-By Nicholas Bariyo, contributing to Dow Jones Newswires; +256 75 262 4615; bariyonic@yahoo.co.uk
(END) Dow Jones Newswires
08-26-09 0404ET
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