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Sogosohubidu201on Aug 21, 2019 11:26am
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RE:Congo’s biggest copper miner warns of operating loss
RE:Congo’s biggest copper miner warns of operating losshttps://www.bloomberg.com/news/articles/2019-08-21/china-molybdenum-says-giant-congo-copper-mine-is-losing-money
The Chinese operator of the Democratic Republic of Congo’s largest copper producer has told employees that it’s struggling to make money as the collapse of cobalt and copper prices hits miners in the country.
China Molybdenum, which operates the giant Tenke Fungurume mine, said falling metal prices combined with higher taxes and royalties, and rising costs meant it was now in a “deficit zone.” The company said it had also been hit by problems with production equipment.
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