Copper industry in crisis, new areas pursued – Thos Begbie
• Investors are also looking for new copper deposits in the Democratic Republic of Congo (DRC), Zimbabwe, Zambia, Indonesia and Australia. • Kitumba deposit, in Zambia, “holds much hope for future mining” • Thos Begbie to set up office in Kitwe in July
The global copper industry is in crisis – traditional orebodies are becoming depleted and the commodity market has depressed the price of copper to such an extent that mining companies cannot afford to invest in expansion or new equipment, says foundry and engineering company
Thos Begbie group executive Edwin Dreyer.
“Lower ore values mean additional tonnage must be mined to obtain the same yield as before, which leads to cutting costs and workers being laid off.”
He notes, however, that new areas in Peru and Chile, in South America, are being prospected in the hope of finding payable ore value. Investors are also looking for new copper deposits in the Democratic Republic of Congo (DRC), Zimbabwe, Zambia, Indonesia and Australia.
Dreyer further comments that most geologists agree that the Central Africa region, comprising the Great Dyke and associated hydrothermal deposits running through Zimbabwe, Zambia and the DRC, will be the major source of copper in the future. He adds that the Kitumba deposit, in Zambia, “holds much hope for future mining” and that current reserves show a yield of more than a million tons of copper a year.
Two Thos Begbie sales engineers attended the three-day Caminex trade show in Kitwe Showgrounds, in Zambia, from June 5 to 7.