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UPDATE 1-CAMEC restarts cobalt mining in Congo

Thu Mar 26, 2009 3:47am EDT

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* Says demand shows signs of recovery

* Cobalt operations restart at Mukondo Mountain (Adds details)

March 26 (Reuters) - Central African Mining & Exploration Company CFM.L said on Thursday it had restarted copper and cobalt mining operations in the Democratic Republic of Congo following strong demand in the cobalt market.

With a significant number of cobalt producers having suspended operations, inventories drawn down and demand beginning to show signs of recovery, it has recommenced the operations, the company said.

The company had closed its cobalt operations at Mukondo Mountain in November 2008 after a drop in demand and prices.

The central African country has seen a slump in demand for its minerals, oil, timber and diamond exports since mid-2008.

Firms such as Katanga Mining (KAT.TO) and Anvil Mining (AVM.TO) also had suspended some Congo activities as costs rose and prices fell.

Shares in CAMEC, which have lost 94 percent of their value from its 52-week high of 62.50 pence, closed at 3.88 pence on Wednesday on the London Stock Exchange. (Reporting by Balachander Surianarayanan in Bangalore; Editing by Gopakumar Warrier)



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