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Avmin bites the bullet in Zambia

SOUTH Africa's Anglovaal Mining has placed Zambia's copperbelt on notice with the announcement that it will write-down half the value of its Chambishi copper and cobalt assets due to technical problems at its plant and weak cobalt prices.

Greg Tubby

Avmin has invested US$260 million in Chambishi Metals since September 1998, but will write down R1.54 billon (US$134 million) of the value because of problems largely related to the project's furnace refractory...

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