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CAMEC Posted: Thu, 20 Nov 2008 [miningmx.com] -- CAMEC, the African focussed emerging diversified producer, announces that it has temporarily halted copper and cobalt mining operations in the Democratic Republic of the Congo. "The decision is a swift reaction to a sudden steep decline in cobalt demand from China, as well as a further decline in the copper price. The prudent measures will result in a material reduction in costs," it said. "The Company is monitoring the situation on a weekly basis and will recommence mining operations immediately cobalt demand so warrants as the design of the Mukondo / Kakanda / Luita facility allows for rapid mobilisation," it said. "In the meanwhile, a production holiday is being effected with recommencement anticipated in early 2009. During this period sales will be fulfilled from stock," it said. "As announced on 6 November 2008, in light of the world economic turmoil and the recent fall in commodity prices the Company is reducing ongoing exploration expenditure across the Group but remains committed to providing JORC compliant resource figures for a number of exploration assets in the coming months."
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