Wednesday, October 1, 2014

Glencore halts $800 million copper projects in Zambia

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Africa News Digest
Thursday 2 October 2014
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The standoff marks a major setback for the miner, which is in the process of upgrading its copper assets in Zambia hoping to increase output by at least 50% by 2017.

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It would also create a a 15-kilometre long ''super pit'' from the union of Rio's Mount Thorley Warkworth and Glencore's Bulga open-pit mines.

The iron ore producer warned it did not have sufficient cash to operate Marampa, its only mine.

Industry body sees demand rising as economic growth lifts consumers' incomes.

CEO Andrew Mackenzie's pay package is already only half that of his predecessor.

The business group argues the sector must be nurtured to generate the revenues needed for the country's economic diversification.

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Bubble chart shows heavy reliance on iron ore and oil for revenues and profits post demerger.

See how the precious ore is hacked and shovelled from pits and tunnels, while miners deal with the unregulated use of highly toxic mercury.

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