Mopani Copper mine faces complete closure?

Glencore, the owner of Mopnai Copper Mines has announced plans to suspend operations in Zambia.

According to Financial Times of UK, Glencore ‘announced plans to suspend production at its copper operations in the Democratic Republic of Congo and Zambia in a move that it says will take 400,000 tonnes out of the market and potentially provide a boost to metals prices.’

The move is part of measures Glencore announced to reduce its debt

Financial Times reports that the package of measures outlined on Monday will reduce Glencore’s net debt to about $20bn from about $30bn.

 

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