By JUDITH
NAMUTOWE –
THE recent rise in copper prices on the international market has raised a new ray of hope in Africa’s largest copper producer, Zambia.
The Zambia Chamber of Mines (ZCM) says it is monitoring the prices to see if they would be able to help resuscitate positive investment decisions in the sector.
Government and local mining experts are upbeat about the future prices of Zambia’s main export product.
ZCM communications manager Talent Ng’andwe said it was encouraging to note positive developments in a given spot price at a particular time, but that the chamber would continue to monitor developments with a view to seeing whether this represented a trend.
Last week, copper prices rose to their highest level in more than three months, of above US$5,000 per tonne, spurring hopes commodity prices had bottomed and may herald a period of stability in the sector.
The prices for benchmark copper on the London Metal Exchange, however, closed down by 2.6 per cent at $4,868 a tonne on Tuesday after hitting a four-month high of $5,059 a tonne last week.
Yesterday, they traded up by 0.3 per cent at $4,880.50 a tonne.
Energy Minister Dora Siliya expressed optimism at the future prices for copper and said the Government was happy with the recent rise.
She said, when she addressed women in Ndola to celebrate the International Women’s Day, that the increase in copper prices had pleased the Government because it was evidence that support in all sectors would spread.
“When the country has challenges we realise that Government has no control over that because we do not fix copper prices or rain.
“We can just be happy and hope that with the increase in copper prices the economy will bounce back,” she said.
Former Mines and Mineral Development minister Wylbur Simuusa said the promising rise in copper prices would ease pressure on the country’s economy and trigger investments in the sector.
Mr Simuusa said it was imperative for stakeholders in the industry to refocus on mining and give the sector the necessary attention so that Zambia could bounce back to its original position as a mining giant.