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07
Январь 2021

mopani copper mine

These cookies do not store any personal information. Glencore Finance is the major shareholder of Carlisa Investments Corporation, which in-turn, is the majority shareholder of Mopani. Yet the company unveiled a turnaround plan last year that would see the assets generate an annual profit of more than $1.5 billion. The mines have been troublesome for Glencore, but that hasn’t stopped the company from spending billions of dollars on sinking new shafts to try and almost triple copper production, to about 140,000 tons a year. Zambia, heavily dependent on copper revenues, is on the brink of a debt crisis. Chinese companies including Jiangxi Copper Co. have shown a growing interest in Zambia’s copper industry. He had only been in the country since October, when he took over the Mopani unit. Copper mining company Mopani Copper Mines plc said on Tuesday that it had placed its mining operations on care and maintenance and a number of projects on hold. Mopani, owned 73.1% by Glencore, is an integrated copper producer located in the Copperbelt of central Zambia. Mopani Copper Mines Plc is a Zambian registered copper mine owned by ZCCM-IH (10%), Glencore Plc (73.1%) and First Quantum Minerals Ltd (16.9%). Mopani Copper Mines, which produced 119,000 tonnes of copper in 2018, is 73.1% owned by Glencore, 16.9% by First Quantum Minerals and 10% by Zambia’s mining investment arm ZCCM-IH. You have successfully subscribed to the newsletter. The Mufulira Smelter currently processes over 400,000 tonnes of copper concentrates per annum, most of which is sourced from MCM’s mines i.e. Last year, it bought a near-20% stake in First Quantum Minerals Ltd., the nation’s biggest producer. – ECL Mall, Freedom Av, Kitwe, Zambia, © 2020, Copperbelt Katanga Mining. Mopani, which Glencore valued at $1.7 billion in December -- when copper prices were much higher -- has a smelter as well as mines. According to ZCCM-IH first cautionary announcement issued on September 4, 2020, the holding company has commenced discussions with Glencore Finance (Bermuda) Limited regarding the future of Mopani Copper Mines Plc. Impacted unionised contractor employees would receive an ex gratia payment. MCM … Mulenga declined to disclose the size of the stake that state-owned ZCCM Investments Holdings is trying to acquire. Now, the often-populist President Edgar Lungu may try to shore up support in the politically crucial Copperbelt province by fighting to keep Mopani operating. For Glencore, it’s the latest headache at its African copper and cobalt assets. Presently the Mufulira Mine employs about 5,000 people directly. Mopani Copper Mines, which produced 119,000 tonnes of copper in 2018, is 73.1% owned by Glencore, 16.9% by First Quantum Minerals and 10% by Zambia’s mining investment arm ZCCM-IH. The Mopani mines are on the outskirts of Kitwe, a city about 180 miles north of Zambia’s capital, Lusaka. In a press statement to Mining Weekly, the company said that the “very challenging” operating, regulatory and macroeconomic environments had placed significant pressure on the business. Fifty years ago, Zambia’s first post-independence leader, Kenneth Kaunda, nationalized mines owned by Anglo American Plc and Roan Selection Trust to rally his political supporters. +243 997 484546 (DRC) Before it's here, it's on the Bloomberg Terminal. Mopani, owned 73.1% by Glencore, is an integrated copper producer located in the Copperbelt of central Zambia. There are also wider implications. The mines have been troublesome for Glencore, but … This website uses cookies to improve your experience while you navigate through the website. Mopani Copper Mines Plc, Comprising The Following: Name Shareholding Glencore International AG 73.1% First Quantum Minerals Plc 16.9% Zambia Consolidated Copper Mines Investment Holdings 10% 1.6 Mine Manager or the Person Responsible for the Mine Z ambia expects to conclude talks over buying Glencore Plc’s stake in Mopani Copper Mines Plc within a month, according to Barnaby Mulenga, permanent secretary in the Ministry of Mines. The stakes are high for both parties. Glencore’s Zambian unit Mopani Copper Mines has suspended operations at its Mindola North Shaft in Kitwe following an underground fire accident that killed three workers. There was an error while trying to send your request. “Already under pressure, the mine closures would undermine President Edgar Lungu ahead of internal party elections and the 2021 national elections,” Eurasia Group analyst Connor Vasey wrote in a note. When Mopani Copper Mines commenced operations in 2000, the region’s malaria control activities had completely come to a halt, and the disease’s incidence rate had risen to 216 people in a population of 1000. Mining Licensing Committee secretary Michael Chibonga sent a notice dated 14 April to Mopani chief executive Nathan Bullock. We have invested more than $1 billion in the Mopani mine since 2014 – extending its life by a further 25 to 30 years. This category only includes cookies that ensures basic functionalities and security features of the website. Zambia isn’t alone in pursuing resource nationalism. Over the whole of 2019, the Democratic Republic of the Congo had produced 34,657 kg of gold against 36,777 kg in 2018. info@copperbeltkatangamining.com A number of projects the company was in the process of commissioning have had to be placed on hold until key personnel are able to travel to site. In a bid to empower small-scale miners, Mopani Copper Mine has given a sum of K1.7 million to small-scale miners. It would engage with its employees, contractors and local communities regarding the impact of any operational change and remained committed to supporting its community projects, hospitals and schools during the care-and-maintenance period. It is mandatory to procure user consent prior to running these cookies on your website. Musukwa, who made the comments at a press briefing in Kitwe that was broadcast on local radio, asked for questions to be sent by text message, which he didn’t immediately respond to. So far the program is working at Katanga, its best asset, but the closure of Mopani is a setback. It’s not the first time Zambia has taken a tough line with the companies that exploit its mineral wealth. Mulenga declined to disclose the size of the stake that state-owned ZCCM Investments Holdings is trying to acquire. 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