Glencore Suspends Copper Mining at Katanga and Mopani Mines for 18 months
Glencore also said it had suspended copper production for 18 months from its Katanga operation in the Democratic Republic of Congo and its Mopani project in Zambia. The decision will remove about 400,000 metric tons of copper cathode from the market, Glencore said. Copper prices rose as much as 1.7 percent in London. (Read more)
"At the moment, none of us can read China” - Ivan Glasenberg, CEO of Glencore on Bloomberg.
2015 has been a tough year for commodities. Unforgiving market conditions saw global copper prices drop by as much as 20% this year to below the $5,000 per MT mark. A slowdown in the Chinese economy (which consumes 40% of global copper output) has been the key driver of this downturn.
Presidential Statement on Currency and Energy Challenges
Following the deterioration of the currency and energy situation in the country in recent months, His Excellency Mr. Edgar Chagwa Lungu, President of the Republic of Zambia has intervened to guide monetary and fiscal policy measures designed to stabilise the markets. (Read more)
The Government raised K873 million at the third quarter (Q3)2015 bond auction. K1 billion worth of bonds were up for sale with maturities ranging from 2 to 15 years:
Real Estate Investments Zambia (LuSE: REIZ) saw net profits rise by 104% year-on-year to K41.4 million. Earnings per share came in at K0.73 (H1 2014: K0.36):
Madison Financial Services (LuSE: MFIN) saw net profits rise by 147% year-on-year to K12.1 million. Earnings per share came in at K0.24 (H1 2014: K0.10):
Trying to decipher this puzzle that is Zambia by using a variety of publicly available data (structured and unstructured) in conjunction with my own skill/experience. * * *