- Write by:
-
Wednesday, March 10, 2021 - 2:44:15 PM
-
517 Visit
-
Print
Mining News Pro - Zambia’s mining investment arm ZCCM Investment Holdings will hold an extraordinary general meeting on March 30 for shareholders to vote on the company’s intended acquisition of Mopani Copper Mines.
ZCCM in December announced it interest in acquiring 90% of Mopani’s issued shares from Carlisa Investment Corporation, as represented by its majority owner international miner Glencore.
Carlisa in 2020 wanted to place Mopani on care and maintenance, which led ZCCM, which then held a 10% interest in Mopani, to intervene.
Mopani is one of the longest running and largest copper and cobalt mining operations in Zambia.
Mopani has historically been funded by shareholder loans from Carlisa and other members of the Glencore group. Pursuant to this transaction, ZCCM and Carlisa have agreed that Mopani’s $1.5-billion debt bill will be taken over by ZCCM.
Should shareholders approve the transaction, Glencore and Mopani will enter into offtake agreements, whereby Glencore will acquire up to 100% of Mopani’s production of copper cathodes and copper anode slimes materials at market rates.
Some of this production will be allocated for sale to domestic Zambian value-adding customers.
ZCCM CEO Mabvuto Chipata notes that, as the global energy transition shifts away from hydrocarbons toward renewables, and development in electric vehicles drives copper demand and prices, ZCCM is in a good position as it prepares to officially assume ownership of this asset and mine this critical metal.
The mines owned and operated by Mopani – Nkana and Mufulira – are considered key Zambian assets.
A competent persons report completed by consultancy SRK in January confirmed a total resource of 255-million tonnes at a grade of 2.03% total copper for Nkana and 76.6-million tonnes at 2.2% total copper at Mufulira.
Further development has increased the mine life by 25 years through the integration of new infrastructure, as well as the implementation of an expansion programme over five targets, and three shaft sinking projects, in addition to building a new concentrator capable of a throughput of 44.2-million tonnes a year and recoveries of 94%.
The refinery’s design capacity is 225 000 t/y of copper cathode, placing it among the largest in Africa and one of four major smelters in Zambia
Short Link:
https://www.miningnews.ir/En/News/611750
Zimbabwe’s President Emmerson Mnangagwa has re-appointed Winston Chitando as the southern African nation’s mines ...
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
A key measure of Chinese copper demand just sank to zero, another indication that global prices are not balanced with ...
A new report by IDTechEx states that investing in e-haul trucks could result in major savings for miners due to the ...
Canadian miner First Quantum Minerals (TSX: FM) believes it will be able to take the already mined 121,000 tonnes of ...
Canadian miner First Quantum Minerals said on Tuesday that it has cut its debt by $1.14 billion in the first quarter.
Chile is expected to produce a record 5.8 million metric tons of copper in 2025, the state-run Chilean Copper Commission ...
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 ...
No comments have been posted yet ...