Zambia State firm says Zijin, Sibanye interested in copper mine
Zambia's State-owned ZCCM Investment Holdings confirmed on Monday that China's Zijin Mining and Sibanye-Stillwater are among investors shortlisted to buy Mopani Copper Mines.
The list includes those companies, China's Norinco Group and an investment vehicle owned by ex-Glencore officials, Reuters reported June 20, citing sources.
The search for a new investor for Mopani is likely to be concluded within the next two months, ZCCM-IH CEO Ndoba Vibetti told Reuters at a mining conference in London. The mine would require at least $1-billion in funding over the next five to six years, Vibetti said.
Attracting a new investor at Mopani is part of the government's plan to triple copper output in Africa's second-largest producer over the next decade.
The Mopani mine and smelter complex currently requires around $200-million to $300-million of short-term funding to make it sustainable, Vibetti said, adding that it has taken a long time to find a new investor because they needed a suitable company to takeover Mopani.
"Part of the reason that has taken so long is to get that packaging right," Vibetti said. "Somebody who can come, bring it out of water and then be able to invest for the long term."
Switzerland-based commodities giant Glencore sold a 73% stake in Mopani to ZCCM-IH in 2021 for $1.5-billion in a deal funded by debt, but it retained offtake rights to Mopani's copper production until the debt had been repaid in full.
Comments
Research Reports
Projects
Latest Multimedia
Showroom
M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...
VISIT SHOWROOM
Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
