ZAMBIA REVISES 2018 COPPER FORECAST BY 17.2% TO 1MILLION METRIC TONS

Africa’s second largest copper producer Zambia has revised its 2018 copper target to 1million metric tons representing a 17.2% increase from 2017 levels.

The Ministry of mines has based its revised projections on current and forecasted improved power generation capacity and motivation fueled by a higher copper price on the London Metal Exchange.

Zambia produced 14.3% more copper in 2017 to 853,789 metric tons exceeding the expected 850,000 metric tons.

Zambia rally’s behind DRC which is Africa’s number one having produced 6.06% higher output to 1.09million metric tons in 2017.

DRC expected to produce higher volumes after discovery of a massive deposits in the Kakula Kamoa area operated by Ivanhoe mines owned by Friedman.

Ministry of Mines permanent secretary Paul Chanda is optimistic that the rising demand of electric cars whose major ingredient is copper coming on the market, demand for the metal is expected to remain high.

He further said this was a major big incentive for mining companies to increase the production of the commodity.

Chanda said projects such as a new shaft by Mopani Copper Mines (MCM) owned by Glencore and an expansion project by China Non-Ferrous Africa Mining (NFCA) would start production this year and further boost copper output in 2018 and beyond.

Global demand is expected to rise global copper production will spike over the next decade as rising prices and increasing demand from the electric vehicles sector encourage project development, a new reports shows.

Output for the red metal worldwide will grow an average annual rate of 3.6% over 2018 – 2027 thanks to a number of major projects come online, particularly in Peru and Australia.

As a result, it is anticipated that global copper output will climb from 20.4 million tonnes this year to 28 million tonnes by 2027.

Exavators working at Kasanshi mine.

Other mining companies operating in Zambia include Canada’s First Quantum Minerals, Barrick Gold Corp and London-listed Vedanta Resources.

Copper is trading for USD6, 755 metric ton on the London Metal Exchange a 1.44% decline ahead of the US Fed meeting.