- Write by:
-
Wednesday, August 26, 2020 - 8:29:17 PM
-
827 Visit
-
Print
Mining News Pro - Zambia’s state-owned mining investment company (ZCCM-IH) is seeking a controlling stake in Glencore subsidiary Mopani Copper Mines, Mines minister Richard Musukwa said on Tuesday.
Mopani, which produced 119,000 tonnes of copper in 2018, is 73.1% owned by Glencore, 16.9% by First Quantum Minerals and 10% by ZCCM-IH.
A 10% stake was “not sufficient” to determine Mopani’s future, Musukwa said in a statement, and ZCCM-IH was therefore seeking a larger stake “with a view to holding a controlling stake in Mopani”.
The mines minister told Reuters ZCCM-IH was seeking a 51% shareholding “or even more”.
Asked about ZCCM-IH seeking a controlling stake in Mopani, a Glencore spokesman declined to comment.
“Glencore can confirm that it is in discussions with existing Mopani shareholder ZCCM-IH and other shareholders regarding the potential acquisition of additional shares by ZCCM-IH from Glencore,” the company said.
“The discussions are progressing and further updates will be issued as appropriate.”
A majority stake would require Glencore selling more than 41% of the company to ZCCM-IH.
In April, Zambia’s government threatened to revoke Mopani’s mining licenses and temporarily blocked Mopani’s chief executive officer Nathan Bullock from leaving the country saying the company did not give enough notice before suspending its mining operations during the coronavirus crisis.
In May, Mopani said it would resume mining operations for 90 days but still expected to go into care and maintenance.
On July 16, the company said it would appeal the mines ministry’s decision to reject its proposal to suspend the operations and that would continue activities pending the outcome of the appeal process.
Short Link:
https://www.miningnews.ir/En/News/590849
Copper traded near $10,000 a ton, hitting a new two-year high on its way, as investors continue to pile in on a bet that ...
A Native American group has asked all members of a US appeals court on Monday to overturn an earlier ruling that granted ...
Codelco is exploring more partnerships with the private sector as Chile’s state copper behemoth looks to recover from a ...
The London Metal Exchange (LME) on Saturday banned from its system Russian metal produced on or after April 13 to comply ...
Peru’s Las Bambas copper mine, owned by China’s MMG, is facing renewed blockades of a key transport route after failed ...
Vitol Group confirmed that it’s starting to rebuild a trading book for metals after a long stint out of the market, with ...
Chinese investors are snapping up stocks tied to high-flying metals from copper to gold, aiding an onshore market facing ...
Copper traded near a 15-month high as supply concerns and brighter demand prospects triggered a slew of bullish calls on ...
Copper jumped to its highest intraday price since January 2023 as the bellwether industrial metal faces rising tighter ...
No comments have been posted yet ...