Deal #4766 Version #69327

The company announced in September 2015 it was halting production at its Mopani operation in Zambia for 18 months, as part of its new debt reduction plan. The company will use the period to develop and modernise the shafts, which have been lossmaking since the price of copper dropped to below $6,000 a tonne. Glencore plans to invest $500m over the next 18 months as it develops three new shafts, raising the mine’s output to about 140,000 tonnes per annum while reducing production costs. This mine is one of the biggest in Zambia and biggest exporter of copper and cobalt.