FINALLY WE ARE TAKING BACK OUR MINES: ZAMBIAN MINERALS BELONG TO ZAMBIANS
-This transaction means, ZCCM-IH PLC will now hold 100% in MOPANI Copper mine.
– We have protected over 15, 000 jobs and secured businesses for suppliers
– In April of 2020, GLENCORE announced intentions to place MOPANI Copper mine on care and maintenance. This meant that over 15, 000 workers would be laid off and sent home.
– All the proceeds/profits, NOW will becoming into Zambia. No more externalising profits. This will increase forex and help stabilize the exchange rate and create more jobs and business opportunities for our people.
– Before this transfer of shares, MOPANI as an asset was owing loans amounting to $4.8 billion from GLENCORE (Bermuda), GLENCORE INTERNATIONAL and CARLISA.
– CARLISA held 90% of the shares while ZCCM-IH PLC held 10%.
KEY FEATURES OF THE TRANSACTION
– The $4.8 billion loan owned by MOPANI Copper mine has been agreed to be reduced to$1.5 billion.
– This transaction means, ZCCM-IH PLC will now hold 100% in MOPANI Copper mine.
This transaction is important to government as it will:
1 guarantee production at the mine.
2. Guarantee jobs which will now be preserved.
3. Livelihoods will be safeguarded for locals.
4. and commerce will be promoted.
*POTENTIAL OF THE MINE*
– The mine has proven copper resource at over 281 million tons of copper at a grade of about 2%.
– it has exploration potential and a mine life of over 25 years meaning, availability of copper and cobalt resources are guaranteed to continue for many years to come.
PRODUCTION
– The mine has proven to shore potential in production.
– in 2020, the mine produced 34.479 tons compared to 30.078 tones in 2019.
EXPANSION PROJECTS
– The projects listed below were commenced by GLENCORE.
* State of art Synclinorium Concentrate.
* The Synclinorium shaft.
* The Henderson shaft in Mufulira.
* The Mindolo shaft in Kitwe.
– Once the above mentioned projects are completed, they will help boost production to 150, 000 tons per annum, which means more people will be employed, more business made available to the business community and the government stands to benefit from the taxi that will be paid over time because of the projects.
Compiled by:
Antonio Mourinho Mwanza, PF Deputy Media Director