Zambian President Angered Over Vendanta's Plans To Cut Jobs

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If Vendanta Resources’s Konkola Copper Mines goes through with its plan to lay off more than 1,500 workers, Zambian President Michael Sata has threatened to revoke their license, reported Reuters.

“‘If he is threatening to lay off people let him lay off one and we will take away the licence from him, Sata told state-run ZNBC radio, referring to Konkola chief executive Kishore Kumar, who announced the plan to cut jobs last week.”

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The 3-month price of copper saw a 0.3 percent increase on Monday, November 4, reaching $7,264 per metric ton on the LME and making it the biggest mover for the day. Also on the LME, the cash price of primary copper increased 0.3 percent to $7,255 per metric ton.

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The price of US copper producer grade 122 saw little movement yesterday. The Japanese copper cash price steadied following two-days of increases. The price of US copper producer grade 102 showed little movement on Monday. The price of US copper producer grade 110 saw little price change on Monday.

Chinese copper prices were mixed for the day. Chinese copper wire gained 0.3 percent to finish. Following a two-day rise, the price of Chinese copper bar flattened. The Chinese copper cash price flattened after two days of improvement. The price of Chinese bright copper scrap showed little movement yesterday.