The Zambia Consolidated Copper Mines Limited (ZCCM-IH) has announced Dubai-based United Arab Emirates’ International Resources Holdings (UAE ‘s IRH) as the new strategic equity partner in Mopani Copper Mines – MCM.
The move comes after earlier queries by the Zambian Business Times – ZBT regarding the Ministry of Mines’ failure to meet its production targets.
Mopani is considered a critical asset for the Zambian economy and is considered to be one of Zambia’s largest mining firms but its current state has made the mine remain weak with a negative impact on economic growth and tax revenues as it is unable to double its production.
Mopani needs about $300 million capital injection to make the mine fully productive and enable the company to complete its expansion project in a bid to double production the delay to recapitalize the mine has hurt the economy as it has affected the country’s copper production which has continued dropping year in and year out.
Plans by the Zambian government through the Ministry of Mines and Minerals Development to search for an investor to take over Mopani’s operations had dragged on after the government took over the asset from Glenco in 2021.
The details of the deal, however, have not yet been made public.
Details to follow…..
