Indicate this Site | Add to Favourites | Your Home Page  
4/11/09 12:57 PM

Lusaka
Zambian mine lays off 1,300 staff


 
Lusaka - Zambia's biggest copper mining company, Konkola Copper Mines, has laid off 1,300 workers as it struggles with a fall in both demand and copper prices.

 

The redundancies represent about 10% of the company's entire workforce.

 

Konkola said it was embarking on a programme to streamline operations and increase labour productivity in response to falling copper prices.

 

Many of Zambia's mining companies have been forced to make dramatic job cuts during the global economic downturn.

 

Last month, the Mineworkers' Union of Zambia said about 8,200 jobs had been lost in the sector since December last year.

 

Copper accounts for a large proportion of Zambia's exports.

 

The price of copper has fallen dramatically since the summer of last year, when it stood at almost $8,000 (£5,500) a tonne.

 

By the end of the year, it had dropped to just over $2,800 a tonne.

 

The price now stands at more than $4,500 a tonne after a major stimulus package in China, the world's biggest consumer of copper, raised hopes that demand for the metal would increase.

 

More recently, the price has jumped on reports that China is rebuilding its state reserves of the metal, according to Mark Elliot at Fairfax Investment Bank.






 Print    Indicate
Latest News
11:10 AM - No fault in two disputed prospecting rights
11:08 AM - Algeria drops Orascom Tel ads from state TV: source
11:07 AM - Somali Islamists tell president to step down
11:06 AM - Big S.Africa state workers' union rejects pay offer
11:04 AM - Cameroon president sacks police, intelligence heads
11:03 AM - Aid group says workers safe after Congo rebel attack
11:02 AM - S.Africa state workers reject new pay offer
11:00 AM - Number of victims in Congo mass rape increases: UN
10:58 AM - E. Guinea says executed officers weren't abducted
10:56 AM - Deadly Mozambique price riots enter second day
TPA - Televisão Pública de Angola
RNA - Rádio Nacional de Angola
Jornal de Angola
© 1997 - 2008 Angop. All rights reserved.