Everything is on hold at a Vendanta copper mine. Apparently, “Zambia suspended operations at an underground mine owned by a unit of Vedanta Resources following an accident, the deputy minister of mines said on Tuesday,” reports Reuters.
“The accident occurred when a cage used to hoist copper ore from underground tripped last Friday, Konkola Copper Mines said in a statement.”
“Deputy Mines Minister Richard Musukwa said the government halted ore hoisting operations at the Konkola Deep Mining Project (KDMP) following last Friday’s accident.”
“‘The mine safety department has with immediate effect suspended normal hoisting activities at shaft No.4 pending detailed investigations and thorough risk assessment, he said.”
“‘The company also needs to replace the hoisting ropes and clear the spillage that happened as a result of the accident.'”
In metal price news for copper…
The 3-month price of copper experienced the biggest price decline of the day, dropping 1.0 percent on the LME to close at $7,061 per metric ton on Tuesday, February 25. Also on the LME, the cash price of primary copper declined 0.8 percent to $7,130 per metric ton.
The price of US copper producer grade 122 finished the market day up 0.5 percent per pound. After a 0.5 percent increase, the price of US copper producer grade 110 finished the day. The price of US copper producer grade 102 rose 0.5 percent. The Japanese copper cash price is back up, rising by 0.3 percent on Tuesday to close.
Chinese copper prices were flat for the day. The price of Chinese copper bar showed little movement yesterday. The cash price of Chinese copper held steady. The price of Chinese copper wire held steady. For the fifth consecutive day, the price of Chinese bright copper scrap held flat.