New Investor for Mopani Copper Mines by End of March

Zambia Mines Minister Paul Kabuswe announced that Mopani Copper Mines would secure a new investor by the end of this quarter.

Describing the Mopani state-owned complex as a “critical asset” for Zambia’s copperbelt, Mr. Kabuswe disclosed that 10 firms were competing for the investment opportunity, including “one or two” Chinese firms and the South African Sibanye-Stillwater.

Sibanye-Stillwater’s interest in Mopani was confirmed by their CEO Neal Froneman last October.

The Mines Minister’s statements came in an interview at the Cape Town Mining Indaba. Mr. Kabuswe did not name any of the other candidates, but was delighted by “interest from all over, including the Arab world”.

Mr Kabuswe was asked how the UPND Government felt about African resource investment opportunities potentially creating tension between investors in the West and China. He clarified that the Government was interested only in the value investors could bring to Zambia, and held no hostility towards those who could aid Zambian development.

Mr. Kabuswe explained the Government’s stance, saying, “We are dealing with the Arab world, we are dealing with the U.S., we are dealing with China, we are not biased towards anyone. We are friendly to everybody.”

Zambia is nearing an agreement with Vedanta Resources over the Konkola Copper Mines, Mr. Kabuswe added. An out-of-court settlement was tabled last year after a lengthy dispute over the Mines with Vedanta.

Zambia has set itself the ambitious target of reaching 3 million tonnes of annual copper production by 2032. Mr. Kabuswe said that expanding the mining industry would reduce Zambia’s debt burden and encourage investment in infrastructure and various sectors of Zambian industry.