Zambia's finished copper output rose 12 percent in the first quarter of 2008 over the same period last year to 128,913 tonnes, despite flooding at some major mines, the central bank said on Monday. Bank of Zambia (BoZ) Governor Caleb Fundanga said cobalt production also climbed by 26.9 percent to 1,150 tonnes during the same period.
But Fundanga said copper output of 128,913 tonnes was 8.9 percent lower than the 141,077 tonnes produced in the last quarter of 2007, due to floods in the first quarter of this year. Fundanga said Zambia earned $886 million from exporting the 128,913 tonnes of copper, 34.7 percent higher than the same period last year, due to higher metals prices.
"Cobalt earnings rose to $103.8 million in the first quarter ... on year to date basis, cobalt earnings were 153.6 percent higher than the $42.7 million recorded during the corresponding period in 2007," Fundanga said. Copper exports earn mineral-rich Zambia the bulk of its foreign exchange and the vast copper mines are the southern African country's major employer.
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