HomeBase MetalsCamec re-starts copper and cobalt mining

Camec re-starts copper and cobalt mining

An aerial view of
Camec’s copper-cobalt
operation in the DRC
London, England — MININGREVIEW.COM — 27 March 2009 – Central African Mining & Exploration Company Plc – a fast-growing, AIM-listed diversified producer with multiple business lines across central and southern Africa – has revealed that it has re-started copper and cobalt mining operations at Mukondo Mountain in the Katanga Province in the Democratic Republic of Congo (DRC), following strong demand in the cobalt market.
A company announcement released here revealed that – with a significant number of cobalt producers having suspended operations; inventories drawn down; and demand beginning to show signs of recovery – it had recommenced the DRC operations. It had closed its cobalt operations at Mukondo Mountain in November 2008, after a drop in demand and prices.

The central African country has seen a slump in demand for its minerals and diamond exports since mid-2008.

Reuters reports that companies such as Katanga Mining and Anvil Mining had also suspended some DRC activities as costs rose and prices fell.

Shares in CAMEC, which have lost 94% of their value from a 52-week high of 62.50 pence, are currently running at about 3.88 pence on the London Stock Exchange.