Zambia’s Luanshya Copper Mines to cut jobs at Baluba mine

LUSAKA (Reuters) – Zambia’s Luanshya Copper Mines, owned by a Chinese firm, said on Monday it would suspend operations and cut jobs at its Baluba mine due to plunging copper prices and power shortages.

“This decision was arrived at after considering the escalating cost structure for Baluba Mine owing to the plummeting copper price, coupled with the energy deficit the country is currently experiencing,” the firm said in a statement.

The Mineworkers Union of Zambia said about 1,600 members were affected by the decision.

Luanshya Copper Mine’s Baluba Underground operation  – Photo Credit, ThePost

Reuters