Katanga Mining copper and cobalt production is expected to reduce
As the relatively low labor productivity, coupled with an upgrade processing takes time, Katanga Mining Company reduced the expected original production. This year's copper production is expected to decrease from the original 33,500 tons to 27,500 tons and cobalt production decreased from the original 2,900 tons to 2,700 tons, down 17.9% and 6.8%.
De CEO of the company said the mine workers need to improve their performance, the separate residue Shaixuan Zengjia Luilu smelter capacity will take time, so Jiang's Chanliangyuqi low this year. Luilu smelter is to begin production in May this year, cobalt, and in June the first batch of goods shipped. He added that now, though copper production line with the amount previously expected, but the cobalt production was substantially reduced.
To September, the company completed a feasibility study to decide whether to allow an increase in DRC, including Luilu, Kamoto underground mine and the adjacent KOV open pit production. He added that second half profits will be a surplus.
According to its website shows that in 2011 the company's target of 30 tonnes of copper and 30,000 tons of cobalt.
According to the company's announcement, the two-quarter loss of only 9.9 million U.S. dollars, compared to 14 million U.S. dollars last year, a significant reduction. 2 quarter revenue of 48.9 million U.S. dollars, compared to a quarter of the 90.2 million U.S. dollars to reduce many. In the 2-quarter revenue of 19.5 million U.S. dollars is from the copper, 2.6 million U.S. dollars is from the cobalt.
The company has commissioned four banks to ensure that their 550 million U.S. dollars in financial support. Company expects funds will be in place later this year, next year, a quarter use.
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