Muna Hantuba



Around 20th June 2023, four firms were shortlisted as successful bidders for the acquisition of a stake in Mopani Copper Mines. These firms were Sibanye, Zijin Mining, Norinco Group, and a Consortium of exGlencore officials.

Around July 2023, it was rumoured that Sibanye Still Waters and Zinjing were the only two remaining successful bidders contending to acquire equity in Mopani Copper Mines after Norinco Group and a Consortium of ex-Glencore officials were dropped.

Around August 2023, a “secret” company threw in a late bid through State House, and this delayed the announcing of the successful bidder for Mopani Copper Mines.

On 17 October 2023, it was announced that Jubilee Metals Group and Mopani Copper Mines formed a JV for the Slag Project in Mufulira, targeting 13 Mt of historical slag with estimated copper and cobalt deposits.

On 1st December 2023, ZCCM-Investment Holdings announced that an affiliated company of Abu Dhabi conglomerate International Resources Holdings (IRH) is the preferred bidder to take over Mopani Copper Mine (MCM)

On 12th December 2023, it was announced that Jubilee Metals Group had formed a strategic partnership with Abu Dhabi-based International Resources Holdings (IRH) to recover copper from a historic waste dump in Zambia. This partnership entailed that “Under the funding term sheet IRH undertakes to provide all capital to the tune of $50M required by the special purpose vehicle through a combination of equity in the special purpose vehicle and shareholder loans

On 6th March 2024, it was announced that Jubilee Metals Group plc, a leading diversified metals processor in Africa, with a substantial contribution to global chrome concentrate production in South Africa (SA Operations) and expanding copper operations in Zambia (Zambia Operations), has announced the formation of dedicated executive subsidiary boards to better reflect the current levels of business maturity attained by the SA and Zambia Operations and capture and implement the various growth opportunities. The Zambian Board will include Jubilee’s Chief Executive Officer, Leon Coetzer, as chairperson of the Zambian Board and joined by current Chief of Energy Metals, Ricus Grimbeek, as Managing Director. Mr Muna Hantuba, a respected businessman offering a wealth of local industry and country knowledge, will also join the Zambian Board.


Mr. Muna Hantuba is a long-time close business associate and confidant of President Hakainde Hichilema (HH) and is said to be the man running HH’s businesses. The above sequence of events starting from the coming of the International Resources Holdings late bid for Mopani Copper Mines through State House and eventual success of the same bid and then the Jubilee Metals Group’s JV with Mopani Copper Mines vis a vis the partnership of Jubilee Metals Group with the International Resources Holdings (IHR) and the $50 million loan by IHR to Jubilee Metals Group to the appointment of Mr. Muna Hantuba is something that should raise eye brows as it can be a case of a deal by State House disguised in investment into Mopani. Is it a mere coincidence that HH’s confidant and business partner can be associated with the sale of Mopani and have an indirect stake in the slug dump by virtual of sitting on the Jubilee Metals Group Board

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