Message Lun 21 Juil 2014 14:30

Metorex to spend $26.6m in exploration

Metorex to spend $26.6m in exploration

By NKOLE MULAMBIA
METOREX’s Chibuluma Mines Plc plans to spend over US$26.6 million in exploration activities in the next two years.


The firm is also looking for acquisitions, explorations and joint venture partnerships with local or foreign firms to expand its footprint in the country.
Company general manager Jack Sikamo said while the firm spent US$12.7 million in strategic capital expenditure from 2010 to 2013, more resources have been earmarked in capital expenditure for 2014 and 2015.
Mr Sikamo said this in a paper presentation to the media and the civil society at a two-day training workshop in Lusaka last week.
He, however, said the firm is facing key challenges in the operations of the mining firms, citing falls of ground, copper price reduction and increasing cost of production.
Other challenges are government legislation without engagement, current resources mined out by 2020, skills retention, underground collisions, men/machines, safety, supervisor safety culture, historically supervisor- dependent, and equipment availability and reliability.
The firm, which produced 18,000 metric tonnes of copper last year, is expected to up production to 19,000 metric tonnes of the commodity this year.
Metorex, which is a fully, owned subsidiary of Jinchuan International, was created in 1975 and was established as a mid-tier base metal producer.
The firm’s vision is to expand and explore activities in African base metal industry, based primarily on copper and cobalt production.
The firm, which employs over 3,700 employees, has group gross revenue US$408 million on copper sales of 45,000 metric tonnes and 3,000 metric tonnes of cobalt in 2012.
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