President Hakainde Hichilema to Officially Handover Mopani Copper Mines Tomorrow
Earlier today, Mines and Minerals Development Minister Hon. Paul CC Kabuswe , MP shared key insights during his interview on Sun FM.
Here are the highlights:
President Hakainde Hichilema will preside over the official opening of Mopani Copper Mines in Kitwe tomorrow, 21st March 2024.
The new investor, International Resources Holding (IRH), has so far injected $130 million into Mopani Copper Mines, demonstrating a strong commitment to the mine’s growth.
The revitalised mine is projected to generate 2,000 direct jobs and an additional 1,000 indirect employment opportunities.
Mopani Copper Mines will retain its current CEO, Charles Sakanya, along with over 80% of its current workforce, ensuring continuity and stability.
Significant progress has been made in settling outstanding payments, with approximately 80% of contractors and suppliers already paid.
The shareholding structure of the mine stands at 51% for IRH and 49% for the Zambian Government, highlighting a balanced partnership for mutual benefit.
A substantial portion of IRH’s $1.1 billion investment will be allocated to clearing arrears owed to contractors, suppliers and resolving debt obligations to Clencore.
Under President Hichilema’s leadership, Government has successfully reduced Mopani’s debt from $1.5 billion to $300 million, showcasing a commitment to financial stability and responsible management.
The Ministry of Mines will spearhead a comprehensive minerals mapping exercise across the country, enhancing transparency and oversight in the mining sector.
Additionally, rigorous measures will be implemented through the Minerals Regulation Commission to address any loopholes or irregularities in the mining industry, ensuring fair practices and maximizing benefits for all stakeholders.
Before the New Dawn Government took over office, Mopani had a debt amounting to $1.5 billion dollars.
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