mining and the markets, page-37

going round in circles bros so back to facts The natives are becoming increasingly restless it seems. Wonder how the Namibian Workers Union also getting along these days. Fore-runners to modern day mau mau ?

Fort Bachelor has increasing appeal for me. I'm betting fair value IMO is around a conservative 11 bucks now. I've shown you mine, you can show me your "why not"?

Ahahaha u have shown yr age ........" "hoping" it falls to 3 bucks " did you say ........ zapped with a hand phasor.

Technos should be nearing their end IMO. And it was a major red day across the resources board today.

U betcha I believe CMR is the next MIM or WMC Nestor. Been around a long time in the market to live in fantasy land .... u know how conservative I play it.

Praise Zeus.

----------------------------------------------------

Zambia’s largest copper miner forced to shutdown plant
Ronald Mwila
'12-NOV-06 13:00'

LUSAKA (Mineweb.com) --Zambia’s environmental authorities have suspended all pollution control licences for the copper-rich country’s largest miner, Konkola Copper Mines (KCM) Plc. The authorities have also announced that they reserve the right to prosecute KCM directors should investigations show that they have been negligent.

KCM is owned by London-listed, Indian-controlled Vedanta Resources Plc, which is due to announce third quarter results of Thursday, November 16, 2006.

Environmental Council of Zambia (ECZ) spokesperson Justin Mukosa announced in the wake of Sunday, November 5's pollution of the country's Kafue River, on which citizens, businesses and wildlife on the Copperbelt, Lusaka and larger parts of the Central and Southern provinces depend for water, that the cancellation arose from the ECZ's concern about the miner's apparent disregard for the environment.

The pollution control licences allow KCM to discharge effluent into the aquatic environment, chiefly in the Copperbelt town of Chingola.

The latest episode comes barely four months after a similar development. Both instances forced the water utility in the area, Mulonga Water and Sewerage Company, to suspend operations, thereby triggering water shortages in the town.

This time around, Benard Chiwala-managing director of Nkana Water and Sewerage Company, which services the town of Kitwe, where KCM also operates, has told reporters that the company would not be allowed to abstract water from the Kafue River until cobalt and manganese levels revert to acceptable minimums that can enable utilities to treat the water to standards recommended by the World Health organisation (WHO).

Mukosa indicated ECZ's dismay at the continued pollution from KCM's Nchanga operations, chiefly the tailings leach plant (TLP), and the company's lack of a proper environmental maintenance and replacement plan.

"The ECZ has decided to suspend all pollution control licenses to discharge effluent into the aquatic environment incidental to the Tailings Leach Plant until such time that the ECZ is satisfied with a KCM remedial and clean operations," he said.

"The ECZ reserves the right to prosecute KCM management or Directors in their individual capacity if upon investigations, they are deemed to have been negligent in carrying out their duties to prevent and control pollution thereby threatening human life and the environment."

Mukosa noted that continued pollution was evidenced by recent numerous tailings pipe bursts and the heavy siltations of rivers and streams around Chingola town. "This is a clear indication of poor social corporate responsibility by KCM management in their environmental management," he charged.

"ECZ therefore cannot allow such a situation to continue and have had no choice but to direct KCM to close down the tailings leach plant and put its house in order." Mukosa said ECZ had inspected the company's Tailings Leach Plant and the Pollution Control Dam with the primary purpose of assessing the impacts of the pollution and establish the extent of the problem.

He said it was established that a burst pipeline discharged tailings of low pH into the aquatic environment.

The plant shutdown for Konkola is serious as the Talings Leach facility was due to produce some 100,000 tonnes of copper this year. Although the company says that it has the necessary repairs and clean-up in hand, it is not known when the plant will be allowed to be re-opened.

"It is believed that this pipeline has not been adequately managed and failure by KCM to source or stock adequate lime for such emergencies[is also evident]," Mukosa said adding that one of the affected communities, Hippo Pool Village, had experienced polluted (bitter) water since November 5, 2006.

"In addition, the poor environmental standards being employed by KCM have caused the Chingola stream bridge to be threatened due to sediments that have silted the stream leaving only about 5cm below the bridge. This threatens the stability of the bridge and in the event of a storm, the bridge could be washed away cutting off Chililabombwe from the rest of the country."

Mineweb’s efforts to get KCM management to comment have persistently failed, with the company's spokesperson not answering his phone.

-----------------------------------------------------