Sanday Chongo Kabange, AfricaNews reporter in Lusaka, Zambia Photo: John Lindhout
110 of the 260 workforce of Australia's metal explorer, Albidon Limited in Zambia have been sacked at its Munali nickel mine in Southern Zambia after prices for the steel making metal slumped. A statement to the Australian Stock Exchange said the exploration office in Cape Town and Lusaka are closed.
The Statement said the Perth office is relocating to shared premises and that most exploration projects have been suspended.
Copper prices have tumbled to their lowest points for more than three years, driven lower by weak demand from automakers and mounting concern about a worldwide recession, AFP reported.
Copper for delivery in three months was selling on the London Metal Exchange for over 3,404 dollars a tonne.
Zambia's economy is mainly dependent on copper exports. With some of the world's largest copper reserves, the metal accounts for 80 percent of Zambia's export earnings.
The Zambian government said it was concerned with the growing job losses in the mining industry. It said the copper prices, though low, were not as bad as they had been portrayed by the foreign investors operating in Zambia.
110 of the 260 workforce of Australia's metal explorer, Albidon Limited in Zambia have been sacked at its Munali nickel mine in Southern Zambia after prices for the steel making metal slumped. A statement to the Australian Stock Exchange said the exploration office in Cape Town and Lusaka are closed.
