By NATION REPORTER
BARELY two months after Government through the ZCCM-IH and Vedanta Resources Limited agreed on takeover of the Konkola Copper Mine (KCM), President Hakainde Hichilema yesterday announced signing of the US$1.1 billion Mopani Copper Mines (MCM) transaction.
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On December 1 2023, the International Resources Holding (IRH), an affiliated company of Abu Dhabi IHC, was selected as equity partner for Mopani Copper Mine
President Hichilema who announced the finalisation of the transaction said the government has since increased its stake in Mopani to 49 percent.
President Hichilema has described the Mopani transaction as the first since 1990, the days of privitisation.
Speaking during a press briefing in Lusaka at Mulungushi International Conference Centre, Mr Hichilema said the government through ZCCM-IH would own about 49 percent stake in the mine and the investor would have about 51 percent stake.
“Copperbelt, we are back. The Mopani transaction has been signed. The Copperbelt is back to where it should be. This is a mine that was messed up by those who are making the loudest noise,” President Hichilema said.
President Hichilema disclosed that he and the team who have been negotiating the transaction, have been having sleepless nights to ensure that the transaction was completed.
He said the 49 percent stake in Mopani was better for the country and that going forward, government would be negotiating for equal stake in the country’s assets to which foreign investors would be interested. President Hichilema said the Mopani value cover was about US$1.1 billion which would be split in equity and debt.
He said with the Mopani and Konkola Copper Mines transactions concluded and the revamping of the shaft 28 the Copperbelt would be back to where it is supposed to be.
And President Hichilema stated that future transactions which Government would be engaged in would be negotiated at a 50 percent stake.
President Hichilema however expressed concern over the prolonged transactions which he felt could be completed within a short period.
He said come 2024, he would engage experts from the private sector to ensure that they helped in concluding the process of negotiations quickly.
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