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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