Lusaka - Metorex Mining Limited Group, owners of Chibuluma Mine in Zambia, increased copper output by more than 140 percent by the end of last year while cobalt production also rose substantially. According to the report for the 18 months to December 31, 2010 copper output was 76 409 tonnes while cobalt out turn increased by 488 percent to 5 123 tonnes.
This was in comparison to June 30, 2009.
At Chibuluma Mine, copper output increased by three percent during the period under review because of various cost-saving measures.
In the last six months of 2010, the company increased copper output to 9 008 tonnes from 8 721 tonnes in the first six months of the year.
All the copper was sold to Chambishi Copper Smelter as the terms were more favourable after taking into account a new export tax on copper concentrates. The volume of ore produced increased by 12 percent and installation of additional on-site electricity generation capacity minimized the risk of interruptions.
This was done at a cost of about US$1 million.
Capital expenditure remained relatively constant, amounting to US$13.3m as a result of the purchase of new fleet of vehicles as well as procurement of equipment. The average copper price increased to US$8 112 per tonne from US$6 436.
