- Mr Musukwa said the US$1.5billion loan would be repaid through an off-take agreement granted to Glencore International using 10 pecent of the production.
By SILUMESI MALUMO
Glencore will not earn 80 percent of copper sales from Mopani Copper Mine and any information suggesting otherwise is pure misinformation, Minister of Mines and Mineral Development Richard Musukwa has said.
Mr Musukwa said the US$1.5billion loan would be repaid through an off-take agreement granted to Glencore International using 10 pecent of the production.
“That means the loan will be repaid between 10 and 17 years depending on the price of copper,” Mr Musukwa said.
He said in an interview yesterday, “I don’t know the source of information for News Diggers saying that Glencore will be earning 80 percent copper sales from Mopani, but this is not true.”
Mr Musukwa indicated that there was no changes which had been made by the government regarding the repayment of the loan.
“I was also shocked to see that a publication can report like that. I don’t even know the source of information because nothing has really changed from what I earlier announced at a media briefing when Glencore was officially transferring the shares to ZCCM-IH.
This is misinformation, they are trying to mislead the nation regarding the Mopani transaction which should not be the case,” Mr Musukwa said.
Mr Musukwa said if there was any changes to that effect, government cannot do so secretly because it was doing everything in the best interest of the Zambian people.
The News Diggers on Tuesday this week, reported that ZCCM-IH chief executive officer Mabvuto Chipata said that Glencore would be collecting 80 percent of copper sales over the next 10 to 17 years to pay off US$1.5 billion.