COPPERBELT CLERGYMAN COMMENDS HH FOR HANDING OVER MOPANI TO NEW EQUITY PARTNER
….hopes that he will extend the same olive branch to KCM and officially hand it over to Vedanta Resources
Kitwe… Friday March 22, 2024 (SMART EAGLES)
A Kitwe based clergyman has commended President Hakainde Hichilema for unlocking Mopani Copper Mines saying it will go a long way in increasing economic activities on the Copperbelt Province.
Pastor Charles Chilenshya of Christ my Life Ministries hopes that the Head of State will extend this olive branch to unlock Konkola Copper Mines plc and hand it over to Vedanta Resources saying it has been long overdue.
Speaking to Smart Eagles, Pastor Chilenshya said the unlocking of Mopani by officially handing it over to the new equity partner will no doubt come with benefits to the province and the nation at large.
“The people of the Copperbelt commend President Hakainde Hichilema for handing over Mopani Copper Mines to the new investor. We also commend Mines and Minerals Development Minister Paul Kabuswe for his efforts in ensuring that issues at Mopani Copper Mines are resolved,” he said.
‘The mine was under care and maintenance now government has officially handed over Mopani Copper Mines operations to the new investor who takes up 51 percent shares stake. With their US$1 billion capital injection, they will now use their subsidiary Delta Mining Ltd to run the day to day operations of the mining firm.”
He said jobs are now coming to the Copperbelt Province, contractors and suppliers will be paid and there will be less crime rate.
“Now we hope that the President will extend the same olive branch to Konkola Copper Mines plc in Chingola and Chililabombwe and unlock it, and fully handover officially to Vedanta Resources before 1st April 2024,” he submitted.
I think people are being too optimistic. The handover of Mopani to the new investor will not translate into jobs and economic pick for Kitwe and Mufulira overnight.
We need to know and understand the investment strategy of the new partners. Those who are overly optimistic need to find out what challenges the last investors, Glencore, had and whether these can be overcome within a short period or the solutions are long term.
Glencore had a strategic plan to transform Mopani into a world class mining operation by 2023 which of course they failed to do, hence their exit. The question is, why did they fail, given their financial and technical expertise.