The Zambia Chamber of Mines says it expects copper production to further be adversely affected in view of the outbreak of the coronavirus.
Chamber President Goodwell Mateyo told journalists after a meeting with the Zambian government in Lusaka on the matter yesterday that numbers are yet to be calculated on how the sector is affected in terms of production.
Mr. Mateyo, however, said the meeting with Mines Minister Richard Musukwa was positive and candid.
And Mines Minister Richard Musukwa expressed confidence that despite the outbreak of the Covid 19, the sectors will not fall but come out stronger.
And Mr. Musukwa assured mining companies of the consistent, stable and predictable way of running the sector.
In a related development, Mopani Copper Mines says the rapid decline in the price of copper due to the impact of covid-19 has now placed significant additional pressure on its operations.
Mopani Copper Mines Public Relations Manager, Nebert Mulenga says given the increasing economic uncertainty caused by covid-19, the company has commenced a comprehensive review across all parts of the business to minimize cash outflows, while protecting Mopani’s value and preserving the option to deliver its growth projects when market conditions improve.
Mr. Mulenga explains that the review will also take into account mine planning to help preserve the value of reserves in the ground.
He notes that discretionary activity that was planned for 2020 and has not yet commenced will be suspended or deferred while feasible projects that have commenced but are not essential will also be suspended.