Mopani Copper Mines to review spending in the midst of the coronavirus threat
Mopani Copper Mines, a subsidiary of Glencore in Zambia, will conduct a comprehensive review to minimize cash outflows and avoid the uncertainty caused by the corona virus threat.
“The rapid fall in copper prices due to the impact of COVID-19 has now put Mopani’s operations under significant additional pressure,” the company said.
Copper prices are set for the worst week since 2011 after falling 10% so far.
The metal that is often called “Dr. Copper” as it acts as a bellwether for the global economy and has been hard hit by the global slowdown caused by the corona virus.
Mopani said the review would give it the financial flexibility to deal with the downturn.
The miner also said he had plans to reduce the risk of coronavirus disruption. Several mines in Peru and one in Canada have closed due to the pandemic.
Mopani Copper Mines, which produced 119,000 tons of copper in 2018, is 73.1% owned by Glencore, 16.9% owned by First Quantum Minerals and 10% owned by Zambian mining investment ZCCM-IH.
