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CEC Ceconomy AG

2.978
0.008 (0.27%)
12:33:09 - Realtime Data
Share Name Share Symbol Market Type
Ceconomy AG TG:CEC Tradegate Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.008 0.27% 2.978 2.978 2.988 2.98 2.894 2.956 73,673 12:33:09

Power Demand From Zambian Mining Companies On The Rise-Official

17/02/2010 9:33am

Dow Jones News


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Power demand from Zambia's copper mines is continuing to rise as companies intensify operations to profit from rising global metal prices, an official at Copperbelt Energy Corp. (CEC.ZM) said Wednesday.

According to the official, the increase in power demand is being driven by the resumption of operations at Luanshya Copper Mines, which closed in December 2008 after global copper prices hit a four-year low.

"Due to better copper prices, other mining companies have also stepped up operations, and power demand is likely to exceed supply by the end of the year," the official said by telephone from the Copperbelt.

Data from Copperbelt Energy Corp., which supplies power to copper mines in Zambia's Copperbelt province, indicate that power demand from Zambian copper mines fell to its lowest level of 404 megawatts in September last year from a high of 530 megawatts in 2008.

Currently, demand is estimated at 430 megawatts, but Copperbelt Energy Corp. projects demand will likely grow by 40% in the next three years due to mining companies expanding their operations.

Konkola Copper Mines--a unit of Vedanta Resources PLC (VED.LN)--will require an additional 170 megawatts of power when it starts operations at its deep-mine project next year. Mopani Copper Mines--a joint venture between Glencore International AG and First Quantum Minerals Ltd. (FM.T)--is also expanding a deep-mine project and an open-pit mine to boost output.

Zesco, Zambia's state power utility--which supplies power to Copperbelt Energy Corp.--is in the process of upgrading various power stations to meet the rising demand.

-By Nicholas Bariyo, contributing to Dow Jones Newswires; 256-75-2624615 bariyonic@yahoo.co.uk

 
 

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