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The Industrial Development Corporation says ZCCM-Investment Holdings has the capacity to efficiently manage Mopani Copper Mines.

Written by on January 21, 2021

The Industrial Development Corporation says ZCCM-Investment Holdings has the capacity to efficiently manage Mopani Copper Mines.

IDC Group Chief Executive Office Mateyo Kaluba says Mopani’s Board of Directors and Management will be competent enough to professionally run the newly acquired mine.

In reaction to sentiments that ZCCM-IH does not have the capacity to run the mine, Mr Kaluba said the acquisition of Mopani is consistent with the direction the mining conglomerate is taking to have more control of mining interests in the country.

Mr Kaluba further stated that the payment of the $1.5 billion debt is the burden of the mining company itself and not the State and has no impact on the country’s sovereign debt. He added that the deal was structured in such a way that Glencore would be the off taker of Mopani’s copper and that a 10% portion of the proceeds would go towards debt repayment over the next 10 to 17 years.


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