GOVT TO HAND OVER MOPANI COPPER MINES TO NEW INVESTOR BY END OF FEBRUARY 2024
Finance and National Planning Minister, Situmbeko Musokotwane, has announced that the government will hand over Mopani Copper Mines to a new investor before the end of February 2024. In addition, Minister Musokotwane revealed that only one step remains for Konkola Copper Mines before it is handed back to Vedanta and production resumes.
Dr. Musokotwane emphasized that the revival of these mining giants will not only boost production but also rejuvenate the Copperbelt and the entire country. He further revealed that the investors are already sending money to Zambia, enabling payment to local creditors and preparations for increased production. Additionally, Dr. Musokotwane noted that these payments have resulted in the appreciation of the kwacha.
The Minister expressed confidence in the economic growth potential with FQM and Barrick, who have initiated the development of new ore bodies for enhanced production.
These remarks were made during Dr. Musokotwane’s Ministerial Statement on the Performance of the economy as of January 31, 2024. He also disclosed that the government has made significant progress in debt restructuring and expects formalities and agreements to be finalized with official creditors soon.