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MCM investor finally! Government to decide on Mopani investor by end of July – Musokotwane

THE Government will finally name an investor to take over Mopani Copper Mines (MCM) on the Copperbelt by the end of this month from a shortlist of four companies, Finance and National Planning Minister Situmbeko Musokotwane has said.

China’s Zijin Mining Group and Norinco Group, Sibanye Stillwater Limited of South Africa and an investment vehicle owned by ex- Glencore Ple officials are short- listed to buy off the mine.

“Right now, they are being asked to put in their last, final bids, with the selection of one investor expected by the end of July,” Dr Musokotwane said on a ZNBC programme called Sunday Interview.

The Zambia Consolidated Copper Mines Investments Holdings Plc agreed in January 2021 to buy Mopani from Glencore for US$1 billion and $1.5 billion in debt, which it has yet to pay.

Dr Musokotwane said the Government also expected a similar time frame for a resolution for Konkola Copper Mines (KCM).

KCM’s disputed investor, Vedanta Resources, is bogged down in legal challenges with the Zambian Government over its ownership of Konkola, which dates back to 2019.

Zambia is Africa’s second-largest copper producer and targets to more than triple its annual production to three million tonnes by 2031.


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