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Glencore's Mopani Copper Mines reviews operations due to coronavirus impact

Reuters - UK Focus
Updated ·1-min read

LUSAKA, March 20 (Reuters) - Glencore's Mopani Copper Mines unit in Zambia said on Friday it would review all parts of its business due to the increasing economic uncertainty caused by the coronavirus pandemic.

The review will aim to minimise cash outflows, the company said, adding that projects that have commenced but are not essential will be suspended.

Any discretionary activity planned for 2020 and not yet commenced will be suspended or deferred, the company added. Mopani Copper Mines is owned 73.1% by Glencore, 16.9% by First Quantum Minerals, and 10% by Zambia's mining investment arm ZCCM-IH. (Reporting by Chris Mfula, Writing by Helen Reid, Editing by Olivia Kumwenda-Mtambo)