KCM’s June copper deliveries disrupted by liquidation order | Metals Mine

  • KCM’s June copper deliveries disrupted by liquidation order

    From fastmarkets.com

    KCM, majority owned by Vedanta Resources, is the operator of the African country’s largest copper smelter, Nchanga, with capacity for 311,000 tonnes per year. “KCM just told us we would not be able to receive [our] June tonnages. We have no idea when deliveries will resume,” the client said on Thursday June 6. The notice from KCM came after the government filed a liquidation order on May 21 with the intention of forcing India-based Vedanta out of the country. The apparent takeover, the first of its kind, has sent shockwaves through the Zambian copper industry. Nonetheless, KCM, which is a major producer of ... (full story)

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perma-bull
Jun 7, 2019 7:43am
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wtf:
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According to data from geospatial platform RS Metrics, satellite images of the Nchanga smelter show that copper stock only covered 742 square meters at the facility in May. In April 2019, there was more than 1,094 square meters of copper in the same facility, close to the town of Chingola.
science nerds are spying on global metals producers by using their satellites to see how much product is stored outside the warehouses. from their website:
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MetalSignals provides satellite-imagery based data, trends, and analysis for global Aluminum, Copper, Zinc, and Steel production, based on changes in daily, weekly, and monthly growth in metal concentrate and finished product stored outside at hundreds of individual smelters and storage facilities. MetalSignals provides global coverage across six continents and includes major countries such as China, Chile, Russia, USA, Australia, and more.
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if i worked there probably wouldn't get much done because i'd be too busy spying on my friends and associates
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