Mopani Copper Mines – MCM which was recently handed back to ZCCM IH under a local management team has continued to improve production month on month since the transition on April 1, 2021 producing 8,306 tons and 8,330 in April and May resulting in monthly revenues of about US$80 million
It’s monthly average revenues have continued to improve based on sustained month on month improvements as well as improved international prices of the commodity. Mopani copper mines produced copper worth about US$78,730,995 in May 2021 at the current market prices of US$ 9,451.50 on the London Metal Exchange (LME).
MCM public relations manager Nebert Mulenga said despite the various challenges imposed by the Covid-19 pandemic, the company was able to produce 8,306 tons of finished copper in April and 8,330 tons in May 2021.
Speaking in an interview with Zambian Business Times-ZBT, Mulenga said it is, however, important to note that the company was still producing below the required minimum production levels of 10,000 tons per month in order to sustain the business.
“I can confirm that we have continued to improve production month on month since the transition on April 1, 2021. Despite the various challenges imposed by the COVID-19 pandemic, we produced 8,306 tons of finished copper in April 2021 and 8,330 tons in May 2021.
“It is, however, important to note that we are still below the required production levels of 10,000 tons minimum per month in order to sustain the business,” he said. Mulenga said this requires that the company increases own-source production and reduce dependence on third party purchased material.
He said Mopani’s priority for now remains to stabilise operations and ensure that it improves production as it looks to commissioning its expansion projects in the near future.
“We are optimistically looking forward to the fruition of our investments in three new shafts (Synclinorium and Mindola Deep Shafts at Nkana and Henderson Shaft in Mufulira) as well as the brand new Synclinorium Concentrator,” he said.
Mulenga said once all projects are fully commissioned, the company was confident that it would see improvements in its production levels, efficiencies and safety, in addition to extending the life of the mines.
ZCCM-Investment Holdings (ZCCM-IH) in March 2021 became officially the majority owner of Mopani Copper Mines, a move that is in line with the company’s new strategic plan 2020 – 2026.
There has been calls for some copper mines to be Zambian owned so that the country can have some benchmark to use in the management of the entire industry. However, there are indications that Mopani May enter into a equity partnership agreement to improve its ability to raise cash on international markets to fund its completion of the Synclinorium Investments.
