November 21, 2008 / 6:26 PM / 10 years ago

UPDATE 1-Katanga temporarily halts mining at 2 locations

Nov 21 (Reuters) - Katanga Mining Ltd (KAT.TO) said it temporarily halted mining operations at the Tilwezembe open pit and ore processing at the Kolwezi Concentrator in the Democratic Republic of Congo, hurt by lower cobalt prices.

As a result, the company said it will not be producing cobalt concentrate.

The Toronto-listed company said it has significant cobalt concentrate inventory that it expects to sell during the fourth quarter, adding that revenue from cobalt concentrate sales for 2008 will not be hurt by the shutdown.

Katanga operates a mine complex in the Democratic Republic of Congo producing refined copper and cobalt.

Katanga said it will continue to focus on its mining operations at the Kamoto Underground Mine, the T-17 open pit and the Kamoto Concentrator.

Stocks of copper concentrate continue to be accumulated at the Luilu metallurgical plant for processing at Luilu at a later date, Katanga said.

Katanga’s shares were trading at 29 Canadian cents on the Toronto Stock Exchange. They had traded as high as C$18.90 at the beginning of the year. (Reporting by Krishna Chaithanya in Bangalore; Editing by Deepak Kannan)

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