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Saturday, 20 December 2008

Mine Watch (Luanshya)

A big blow to the town of Luanshya. Luanshya Copper Mine (LCM) has halted operations and will only restart if the price of copper rises, the firm's chief executive officer Derek Webbstock comfirmed with Reuters. All mining operations ceased today and all 1,740 employees would be laid off. Clearly their cost cutting measure blogged here have not worked. Copper dipped below the 'psychological barrier' of $3000 earlier this week.

LCM, is joint venture of International Mineral Resources and Bein Stein Group Resources, operates Chambishi Metals and the Baluba copper mine. Chambishi's cobalt smelter was shut down two weeks ago. But its roaster, which is used for copper refining, and the Baluba mine were still operational until today.

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