Reuters reports that Glencore’s plan to invest over $1.1 billion in Zambia to sink three copper mine shafts with new technology that will extend mine life by over 25 years, is pushing the kwacha to its highest in two months.
“The news from Glencore obviously sent a positive signal but overall we are seeing a lot of dollar supply with very little demand,” analyst Maambo Hamaundu said.
Glencore plans to make the investments between now and 2018 and it was expected that Mopani Copper Mines (MCM) would be turned into a world-class mining operation by 2023.