Glencore wrote off the value of Mopani by $1.144 billion in its half-year earnings report earlier this month, saying the estimated recoverable value was $704 million, including tax receivables.
In May, Mopani said it would resume mining operations for 90 days but still expected to go into care and maintenance - a term for a temporary production halt during which a mine site is maintained ahead of an eventual restart.
Operations were halted at its mines at the start of April, with Mopani citing the COVID-19 pandemic and other problems, but mining resumed a month later after the decision sparked a backlash from the Zambian government.
Zambia’s Ministry of Mines and Mineral Development reported that copper output rose 3.9 per cent to 342 734 tonnes in the first five months of 2020 despite the closure of mines during the COVID-19 lock-downs. Ridle Markus, Africa Strategist, Absa Corporate and Investment Banking joins CNBC Africa for more.
LUSAKA (Reuters) - Zambia’s Konkola Copper Mines (KCM), a unit of diversified miner Vedanta Resources, has closed part of its open-pit mine as a portion of the pit is about...
Rwanda has reimposed lock-down in parts of Kigali in a bid to prevent the spread of the coronavirus in other areas. Moreover, the Central Bank has announced that commercial banks have restructured loans amounting to about $679.5 million in a move to mitigate Rwandans from making monthly payments. During the same time, Equity Group Holdings ended its negotiations to acquire the banking businesses owned by Atlas Mara in Rwanda, Tanzania, Zambia, and Mozambique. Hudson Kuteesa, journalist with The Newtimes for more joins CNBC Africa for more.
Coronavirus – African Union Member States (54) reporting COVID-19 cases (116,049) deaths (3,488), and recoveries (46,714)
African Union Member States (54) reporting COVID-19 cases (116,049) deaths (3,488), and recoveries (46,714) by region: Central (12,426 cases; 350 deaths; 3,281 recoveries): Burundi (42; 1; 20), Cameroon (5,044; 171; 1,917), Central African Republic (652; 1; 22), Chad (687; 61; 244), Congo (487; 16; 147), DRC (2,402; 68; 340), Equatorial Guinea (719; 7; 22), Gabon (2,135; 14; 562), Sao Tome & Principe (258; 11; 7). Eastern (12,983; 351; 3,438): Comoros (87; 1; 21), Djibouti (2,468; 14; 1,079