Glencore to Invest $950 Million Expanding Operations at Mopani Copper Mine

Bloomberg reported that Glencore Plc (LSE:GLEN) plans to invest $950 million over three years to expand its Mopani copper mine operations in Zambia.
As quoted in the press release:

The Swiss mining company last month announced it’s halting production for 18 months in Zambia, Africa’s second-largest copper producer, in response to a drop in prices for the red metal.
“We continue to employ over 10,000 people at Mopani, and will be investing $950 million in site expansions and upgrades to extend the life of mine,” Baar, Switzerland-based Glencore said Wednesday in an e-mailed response to questions.
Copper production costs at Mopani, the previously state-owned mines in which Glencore purchased a majority stake in 2000, are more than $2.50 a pound. Glencore has said the upgrade will reduce the operation’s costs to $1.70 per pound, below the current spot price of about $2.34 a pound.

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