Mine’s $880m project to go on

CONGOLESEminer Kamoto Copper Company (KCC), controlled by Glencore, said on Friday that it was suspending production of copper and cobalt, but would press ahead with a planned $880 million (R10.81 billion) modernisation project to cut costs. KCC said in a statement it would maintain at least 80 percent of its existing workforce during the shutdown, which was announced lastweek. “The company has analysed numerous options, but faces no viable alternative in light of the challenging environment for commodities,” the statement said. It said KCC would follow through on an existing investment in refurbishments to power plants at the Inga hydroelectric dam in south-western Congo and transmission lines to the copper mining south-east of the country. – Reuters