GOVT CHALLENGED TO EXPLAIN HOW IT WILL CLEAR GLENCORE’S $1.5 BILLION MAJORITY SHARE IN MOPANI
By Lukundo Nankamba
Green Party Leader Peter Sinkamba has challenged the government to state how it will clear Glencore’s majority share in Mopani Copper Mines of $1.5 billion debt before operations commence with the new equity partner for the mine.
Yesterday, the government announced that it has selected international resources holdings RSC Limited -IRH- as the new equity partner for Mopani Copper Mines.
However, Mr. Sinkamba in an interview with Phoenix News states that while this is a commendable move which has for a long time been awaited, the government should tell the nation how the debt it owes from glencore will be paid off.
Mr Sinkamba says unless the $1.5 billion is paid by the government, Glencore will still have the right to sell copper through Mopani.
But National Union Of Miners And Allied Workers -NUMAW- President Saul Simujika is confident that the development of a new equity partner for Mopani will revamp and positively impact the productivity of the mining industry and largely contribute to Zambia’s GDP.