Zambia's troubled Luanshya Copper Mine (LCM) has halted operations and will only restart if the price of copper rises, the firm's chief executive officer Derek Webbstock said on Saturday.

Webbstock said mining operations ceased on Saturday and all 1,740 employees would be laid off.

"Yes that's correct, the mine is closed and all the workers will be laid off," Webbstock told Reuters. "I don't know when the operations will resume ... it will only be after the price of copper is up again."

(Reporting By Shapi Shacinda, Lusaka newsroom +260-977843609/260-95577 9523; Editing by Victoria Main)