In a landmark decision, shareholders of Zambia Consolidated Copper Mines-Investment Holdings (ZCCM-IH) have unanimously greenlit the acquisition of a 51 percent stake in Mopani Copper Mines Plc by Delta Mining Limited. The approval came during the Shareholder’s Extraordinary General Meeting convened in Lusaka on February 23rd, 2024.
Under the terms of the agreement, ZCCM-IH will retain a 49 percent shareholding in Mopani, maintaining a significant presence in the company’s governance structure with three out of nine board seats. Meanwhile, Delta Mining Limited, a subsidiary of International Resource Holdings, will hold the majority stake, with five board seats, while the Zambian Government will occupy one.
The acquisition, valued at up to USD 1.1 billion, underscores a strategic move aimed at enhancing ZCCM-IH’s participation in the copper mining sector and ensuring full visibility into Mopani’s operations.
Following the Extraordinary General Meeting, ZCCM-IH Board Chairperson Kakenenwa Muyangwa expressed his satisfaction with the outcome, hailing the transaction as a significant milestone that delivers substantial value to ZCCM-IH, Mopani, and the Zambian people.
Muyangwa emphasized that the acquisition marks a pivotal moment for Zambia’s copper mining industry, aligning with the country’s ambitious target of achieving three million metric tonnes of copper production per annum by 2032.
Loisa Mbatha, Corporate Affairs Manager at ZCCM Investments Holdings, affirmed the corporation’s commitment to advancing the interests of all stakeholders and driving sustainable growth within the mining sector.
The approval of the acquisition signifies a strategic move towards bolstering Zambia’s position in the global copper market, fostering economic development, and harnessing the nation’s vast mineral resources for the benefit of its citizens. As the transaction moves forward, stakeholders anticipate positive outcomes that will contribute to Zambia’s long-term prosperity and industrial advancement.