Africa-Press – Zambia. Zambia Consolidated Copper Mines-Investment Holdings (ZCCM-IH) has predicted a sharp increase in the price of copper on the London Metal Exchange ( LME ) by the end of the year.
The current price of copper on the international market is 7,800 dollars per ton. ZCCM-IH Corporate Communications Manager, Loisa Kakoma is hopeful that the price of the commodity will rise to about 9 thousand United States dollars per tonne.
On the sidelines of the Agriculture and Commercial Show at the Showgrounds in Lusaka, Ms. Kakoma however says the current price of copper is still favourable.
“With the geopolitical activities happening in Europe and the supply and demand in China and all, the COVID-19 pandemic which has had an effect on the prices on the global market.
“ As you know, the copper industry is very cyclical in nature, and all these events that are happening globally have been affecting the supply and demand,” she said.
The ZCCM-IH Corporate Communications Manager said the parastatal is drawing confidence from the soon to commence electric car battery industry which relies heavily on copper.
Zambia and the Democratic Republic of Congo signing a Memorandum of Understanding to explore Electric Car Batteries. Meanwhile, ZCCM-IH says Mopani Copper Mines is expected to increase production to 250, 000 metric from the current 80, 000 metric tonnes per annum.
The Corporate Communications Manager Ms. Kakoma said once the expansion projects are complete, the increase in production will come into effect. “On average per annum, we are doing about 80 thousand metric tons per annum. Once the expansion project is fully executed, it will go to a capacity of 250 thousand metric tons,” she said.
80 thousand tons of 250 thousand tons per annum. Government through ZCCM-IH has since last year owned 100 percent shares in Mopani Copper mines.