Zambia Sees ‘Glimmer of Hope’ for Economy as Copper Rebounds

" Zambia’s Finance Minister Situmbeko Musokotwane said he sees a “glimmer of hope” for Africa’s largest copper producer as prices for the metal improve, prompting companies to reopen mining.

The resumption of production at Luanshya Copper Mines and continued output at Mopani Copper Mines Plc was a “positive indicator,” Musokotwane said yesterday in an interview in Dakar, Senegal, where he is attending the African Development Bank’s annual meeting.

Copper has gained 42 percent in London this year, after plunging 64 percent in the second half of 2008. Copper makes up two-thirds of exports in Zambia and the slump in prices slashed fiscal revenue and forced the government to seek more than $200 million in emergency loans from the International Monetary Fund to boost foreign currency reserves. "

Bloomberg's Nasreen Seria writes .....