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ZCCM-IH shareholders back Mopani deal

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  • Mr Charles said the minority shareholders have full confidence in the management of ZCCM-IH, which has a proven track record in bringing the Kasenseli Gold Mine and the Serenje Manganese Mine into operation

By BUUMBA CHIMBULU

ZCCM-IH has the capacity to run Mopani Copper Mines (MCM) as it has a proven record of bringing the Kasenseli Gold Mine and the Serenje Manganese Mine into operation.

This is according to the ZCCM-IH minority shareholders’ spokesperson, Thierry Charles.

Mr Charles said the minority shareholders have full confidence in the management of ZCCM-IH, which has a proven track record in bringing the Kasenseli Gold Mine and the Serenje Manganese Mine into operation.

“This had not happened for almost 20 years, the unfortunate Kasolo years are now behind us.

“The feasibility studies and audits concerning Mopani had to be conducted with the necessary seriousness and professionalism,” he said in a statement.

Mr Charles said the minority shareholders of ZCCM-IH were convinced that the acquisition of MCM would lead up to the return of ZCCM-IH as a leading mining operator.

He explained that the conditions were right for ZCCM-IH to once again become Zambia’s mining flagship and once again be the pride of the nation.

Mr Charles said the minority shareholders of ZCCM-IH had gradually learned the terms of the takeover of Mopani Copper Mines Plc.

He said the financial scheme for the acquisition seemed satisfactory as the repayment of the instalments could be modulated from 10 to 17 years depending on the price of copper and the production of the mine.

“We read and hear doubts about the ability of ZCCM-IH to manage the mine with reference to the former ZCCM that was asphyxiated and ruined by a copper price that fell to US$1, 500 per tonne in the 1990s.

“Today, the situation is different with a different management, a copper price around US$8,    000 and a return to the highest according to experts,” Mr Charles said.

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