ZCI: African Copper produces more metal

ZCI’s principal subsidiary, African Copper, produced 45.2 percent more copper in its fourth quarter to March, with output of 2 429 megatons of copper in concentrate, the Bermuda-based non-ferrous metals company reported on Friday. The production was boosted by copper recovery rates of 88.2 percent, which helped offset the 7.4 percent decrease in ore processed in the quarter. A change in mining contractors in January resulted in lower throughput at the firm’s process plant at Mowana in Botswana. But ore processed in the 2013 financial year increased 8.5 percent to 801 901 megatons despite a 15-day shut-down at Mowana’s mill pinion shaft in the first quarter. Full-year copper recovery rates rose to 66.5 percent in the 2013 financial year, and copper produced in concentrate rose 37 percent to 9 496 megatons. ZCI’s shares were untraded at R5.50 on the JSE on Friday. – Londiwe Buthelezi