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UPDATE 1-Zambia's 2016, 2017 copper output seen flat at 700,000 tonnes

Published 2016-02-29, 04:48 a/m
© Reuters. UPDATE 1-Zambia's 2016, 2017 copper output seen flat at 700,000 tonnes
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(Adds details, Revenue Authority)
LUSAKA, Feb 29 (Reuters) - Zambia's copper production will
be around 700,000 tonnes this year and next year before rising
to 1 million tonnes in 2018, a top government official said on
Monday.
Copper production in Africa's second-biggest producer of the
metal inched higher to 711,515 tonnes in 2015 from 708,000
tonnes the previous year mainly due to a new mine owned by
Canada's First Quantum Minerals FM.TO .
"We are likely be in the same level as last year because the
pricing of copper has been consistently low and some mines have
frozen production," Mining ministry permanent secretary Paul
Chanda told Reuters.
Chanda said Zambia's copper production would jump to about 1
million tonnes in 2018 when prices of the metal were expected to
start rising.
Zambia also launched a pilot project for introduction of a
new system under which mining companies would be required to
report their production electronically.
Zambia Revenue Authority Commissioner of Customs Dingani
Banda said during the launch that the new system would improve
accuracy in reporting of mineral quantities and quality by
mining companies.
"Overall we expect that these measures will enhance
collection of revenue," Banda said.
Banda said the new system would start with Chambishi,
Launshya and Lubambe mines before rolling it out later this
year.
Other mining companies operating in Zambia include Glencore
GLEN.L , Vedanta Resources VED.L and Barrick Gold ABX.TO .

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