Mark Davis, head of Glencore Africa, said that copper output at its subsidiary, Kamoto Copper Company (KCC) in the Democratic Republic of Congo (DRC) will reach its full capacity of 270,000mt by the end of the year.
KCC operates the copper-cobalt Kamoto mine in the Katanga province of DRC. According to media reports, Davis said that In its first year of production, the mine produced 27,000mt of copper. Since then, it has been ramping up production and is approaching full capacity at present. Glencore currently owns 75pc of KCC while the remaining stake is held by Gecamines, a state-backed miner.
Media reports also indicated that the DRC government has pledged to provide a rebate on value-added taxes paid by mining companies in the country, leading to almost $1bn in reimbursements for miners like Glencore.