Copper prices set to boom
by Money FM RadioFebruary
The ZCCM Investments Holdings has projected that copper prices in the next three years will be as high as US$9, 000 per tonne due to the emerging of electric cars.
ZCCM-IH Chief Executive Officer Dr. Pius Kasolo says cobalt, which is also used for electric cars and batteries, is already hitting the record high of US$70, 000 per tonne.
Dr. Kasolo says in the next ten years, motor companies such as BMW, Volvo and others will be manufacturing 50 percent of electric cars saying this is positive for countries that are producing copper and cobalt.
The ZCCM-IH Chief Executive Officer said this on Money FM Business Radio’s ‘Outside In At Money’ Programme that airs every Thursdays at 18:30 hosted by Chisebwe Fumbeshi and Co-Hosted by Mwelwa Chibesakunda.
“For the next two to three years, we project copper prices to go up and cobalt is already hitting high record of US$70, 000 per tonne. We project copper prices to hit about US$9, 000 per tonnes in the next three years,” he said.
Dr. Kasolo says by that time, Zambia will be reaping the results from copper production.
And the ZCCM-IH Chief Executive Officer disclosed that his firm received a signed letter from President Edgar Lungu, who is the Chairman of the Industrial Development Corporation, congratulating them for declaring dividends two times in a row.
He said the firm declared a first dividend of US$13 million to shareholders and that the second one was about US$8 million.
Dr. Kasolo said ZCCM-IH is pleased that it is the biggest dividend payer to shareholders among the companies under the IDC which is chaired by President Lungu.
On embattled Ndola Lime Company, the ZCCM-IH CEO said his organization is putting up measures aimed at revitalizing the company to make it more viable.
Dr. Kasolo said with the cement plant in Ndola that is coming up, ZCCM-IH wants Ndola Lime Company to be supplying lime.
He said this cement producing plant will be the biggest in Zambia and might help Ndola Lime Company to be viable.
“We are restructuring Ndola Lime Company to make it viable. And I can assure you that am positive that these measures we are putting in place will help to resuscitate the company and save the jobs,” said Dr. Kasolo.
