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.

Avmin has invested US$260 million in Chambishi Metals since September 1998, but will write down R1.

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