Zambia’s copper mines would be threatened should the price of the metal extend its decline to $5,000 a metric ton, according to the country’s mines minister, Christopher Yaluma.
Copper has dropped 13 percent this year to the lowest levels since 2010. The metal, which last traded below $5,000 a ton in July 2009, was down 1.4 percent to $6,415 as of 12:36 p.m. on the London Metals Exchange.
“When it starts getting to $5,000 and below,” that would threaten mines in Zambia, Yaluma told reporters on the sidelines of a mining conference in Lusaka, the southern African nation’s capital. “I don’t think this is going to carry on; it will still bounce back.”
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