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Palabora Mining shares tumble

Economy
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Palabora Mining fell the most in almost four years as profit declined and the copper producer, being sold by Anglo American and Rio Tinto, said a damaged shaft would not resume output until next month. The stock retreated as much as 14 percent, the biggest decline on a closing basis since October 2008, to R82.50. It closed 9.66 percent down yesterday at R96.30. Net income dropped to R338 million in the first half to June from R758m a year earlier, as metal prices retreated and because of spending on the Lift II project, the company said yesterday. Copper fell 14 percent to an average $8 087 (R65 836) a ton in London in the first half from $9 401 a ton, a year earlier. A production shaft that was damaged when a guide rope broke last month should be returned to full operation in the second half of next month, the company said. Palabora was undertaking maintenance earlier than planned, it said. – Bloomberg

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