AG GUIDED THAT MOPANI TRANSACTION DIDN’T NEED PARLEY APPROVAL – KABUSWE
MINES and Minerals Development Minister Paul Kabuswe has insisted that the Mopani transaction did not need parliamentary approval because there was no sale, transfer or disposal of a state asset.
Giving details of the transaction between government and Delta Mining Limited regarding shares in Mopani Copper Mines Plc in the National Assembly, Thursday, Kabuswe said government did not hold any equity shares in Mopani Copper Mines, as such it was not capable of selling shares.
“Prior to the initial transaction, ZCCM-IH owned 10% shares in Mopani with Glencore owning 90% shares. Owing to operational challenges, Glencore decided to exit Mopani, which resulted in ZCCM-IH acquiring 90% shareholding from Glencore in 2021 for a price of USD1″.
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