This outturn reflected continued improvement in hydro-geological conditions and uninterrupted mining operations in the country at both open pit and deep underground mines. On a year to date basis, copper output at 625,844.1 mt was 20.9% higher than the quantity produced in the corresponding period of 2009. Cobalt output also increased by 16.1% to 2,349.41 mt during the third quarter of 2010 from 2,023.84 mt recorded in the previous quarter. This level of output reflected a 16.6% rise compared to 2,015 mt produced in the third quarter of 2009. The improvement in output mainly reflects continued benefits arising from the resumption of production at Konkola Copper Mines and Chambishi Metals Plc coupled with improved hydro-geological conditions. Further, cobalt output on a year-to-date basis at 6,362.2 mt was 59.7% higher than the 3,982.9 mt of cobalt produced in the corresponding period of 2009. Manufacturing Cement output 7 by the monitored company increased by 26.1% to 234,240.7 mt in the third quarter of 2010 from 185,702.0 mt during the previous quarter. Nonetheless, on a year-todate basis, output of cement at 577,130 mt was 4.0% lower than the 601,432.5 mt produced in the same period of 2009. 7  Does not include production by Zambezi Portland Cement as data was not available at finalisation of the report.
Today, many of the ASEAN-5 countries have fairly deep and liquid local bond markets. Central banks, whose operation is contingent on a deep and liquid bond and foreign exchange markets, have been part of the development process for the government bond market. Over the years, our financial markets have become more efficient, more sophisticated and more balanced. ASEAN-5 have moved from a predominantly bank-based or credit market to a growing capital market, both equity and bond. We have also strived to better manage the impact from volatile capital flows as we seek to balance between foreign inflows and capital outflow. Here bond markets have been instrumental to help absorb the impact from the volatilities and sudden reversal of these flows. These developments have facilitated central banks in their conduct of monetary policy, manage market expectations, and guide the path of monetary policy. Today, the ABMI is taking this development further from a domestic orientation to a regional level. This is timely in view of the increasing need for Asians to find new sources for growth and new markets for their exports, and in recognition of the need for “Asian savings to finance Asian investment”. Initiatives such as the Credit Guarantee and Investment Facility (CGIF) is a case in point that aims to foster cross border fund mobilization using the tools of a regional credit guarantee vehicle.