HomeBase MetalsCAMEC to resume DRC production

CAMEC to resume DRC production

Copper at Camec’s DRC
operation – due to
re-start production
in April
Lubumbashi, DRC — — MININGREVIEW.COM — 12 January 2009 – Central African Mining & Exploration Company Plc (CAMEC) has announced that it expects to resume copper and cobalt production in the Democratic Republic of Congo (DRC) in April as commodity prices rebound.

Laurent Decalion – CEO of CAMEC’s Boss Mining unit – revealed this to Bloomberg News in an interview from Kakanda, 150 km northwest of the Katangan capital.

The company halted mining in November as demand slumped, pushing its shares to a five-year low. Most mining companies in the southern Katanga province of the DRC – which boasts a third of the world’s cobalt reserves and 4 % of all copper – closed late last year after prices crashed.

“You can see the copper price is slowly going up,” said Decalion. The cobalt price is also getting better, and the world needs copper and cobalt,” he added.

Copper has rallied 10 % since December on the London Metal Exchange – its best start to the year since at least 1987. Cobalt – used in jet engines and batteries – has climbed 35% in the past month, according to prices from Metal Bulletin.