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HomeMiningZambian businessman offers to buy Mopani Copper Mine

Zambian businessman offers to buy Mopani Copper Mine

A SOUTH AFRICAN company owned by a Zambian, Bizwell Mutale, has offered an outright purchase and ownership of Mopani Copper Mines.

According to a letter addressed to Rothschild and Company, the appointed consultants who are helping Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH) find interested parties, MKP has offered US $2.8 billion for an outright purchase and ownership of Mopani Copper Mines in Kitwe and Mufulira.

In the letter dated December 30, 2022 addressed to Giles Douglas, MKP proposes that $1 billion will be channeled to Mopani Copper Mine internal operations as recapitalisation.

The letter has also been copied to Mines Minister Paul Kabuswe, acting ZCCM-IH chief executive officer Tisa Chama, financial corporate investment director Shankardas Gupta, and chief executive officer – Business Gate Kingdom of Saudi Arabia.

‘’RE: EXPRESSION OF INTEREST OF OUTRIGHT PURCHASE AND OWNERSHIP OF MOPANI

COPPER MINES IN KITWE AND MUFURILA DIVISION IN ZAMBIA-AT A PRICE OF TWO

BILLION, EIGHT HUNDRED MILLION DOLLARS UNITED STATES DOLLAR CURRENCY

(USD$2,800,000,000.00)

The above subject matter refers,

As above our firm expresses irrevocable interest to Purchase the outrightly the above captioned

Mine. At Price of Two Billion, Eight Hundred Million United States Dollars (USD$2,800,000,000.00) on the following terms:

1. One Billion Dollars (USD$1,000,000,000.00) Mopani Copper Mine internal Operations

Recapitalisation.

2. Three Hundred Million Dollar (USD$300,000,000.00) Mopani Copper Mine Settling the Suppliers debts and Mine Rehabilitation Safety Standard and its equipment’s,’’ reads the letter in part. ‘’3. One Billion Five Hundred Million Dollar (USD$1,500,000,000.00) Glencoe Debt to be

Negotiated and Settled Directly with Glencoe.

To ascertain the health status of the mine, we will be happy to access the data as part of our due

diligence. We are ready to proceed on this transaction as soon as you have taken this letter into

consideration. We remain committed and look forward to your favorable response.’’

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