Hichilema Officiates Mopani Mines Equity Partner, Turnaround for Zambia

President Hakainde Hichilema officiated International Resources Holding (IRH) as Mopani Copper Mines' new strategic equity partner during a ceremony in Kitwe on the Copperbelt. The United Arab Emirates-owned company has invested K39 billion in the mine, making it the country’s first substantial investment in Zambia.

He highlighted the economic significance of the partnership, stating that it signifies a turnaround not only for the Copperbelt but for Zambia as a whole. Hichilema emphasised the importance of treating Mopani as a valuable asset rather than a liability, anticipating rejuvenation for Kitwe and Mufulira.

Under this new partnership, copper production at Mopani is forecasted to increase substantially from 65,000 metric tonnes to 230,000 metric tonnes, bringing about more employment opportunities, job security for workers, and additional business prospects.

Hichilema noted a significant reduction in Mopani's debt, which has decreased from K39 billion to K15 million since the UPND administration took office. He pointed out the revival of several mines, such as Luanshya’s shaft 28 which had been inoperative for two decades.

Mines and Minerals Development Minister Paul Kabuswe expressed confidence that previous challenges within the mining sector would now be addressed. Ali Rashid, CEO of IRH, described the partnership as a milestone achievement.

Copperbelt Minister Elisha Matambo noted the favourable reception of the share transfer to IRH by the local community. Costa Mwaba, President of the Mine Suppliers and Contractors Association, expressed hope for increased participation of local businesses in supplying to the mines.

Joseph Chewe, President of the Mine Workers Union of Zambia, called on the new equity partner to prioritise good working conditions to in order to achieve the copper production targets.

Chief Nkambo of the Lamba Lima Royal Council credited President Hichilema's leadership for the revival of Mopani.

“We urge Zambian businesses to draw inspiration from their counterparts in the UAE, who have transformed their economy through astute management of their oil resources,”President Hichilema said.