WE ARE NOT HANDING OVER MOPANI…..Government remains a shareholder at 49 percent


…..Government remains a shareholder at 49 percent.

KITWE – In the celebration of a new chapter and a new beginning for Mopani Copper Mine [MCM] and the people on the Copperbelt President Hakainde Hichilema has officially handed over the MCM to the new investor, International Resource Holding [IRH].

Speaking at the official hand over of Mopani Copper Mine in Kitwe to a new partner, the Republican President emphasized that IRC is joining in owning and managing Mopani as government remains a shareholder at 49 percent.

“To day marks a pivotal occasion for the Copperbelt and Zambia as a whole, bringing a breath of fresh air, a new start for Mopani Mines. A mine like a old Bedford track dumped at a dumping site.”

Some looked at Mopani as one just to throw liability at loosely.
you dump 1.5 billion Dollars of liability on an asset that is worth something else.” said President Hichilema.

The President said Mopani is now a priced asset as the country celebrats the rejuvenation of Kitwe and Mufurila towns.

The relaunch of Mopani with the new venture partners IRH is a significant moment

“It is important that citizens who have waited for so long to celebrate the occasion.”

The President paid a growing tribute to the ruler of UAE for facilitating and allowing IRH to have a smooth partnership with Zambia in a mutually respectful partnership.

In addition to capital injection for Mine development, President Hichilema revealed that the country was receiving a substantial debt reduction.

“In our country we inherited a debt stock, official creditors, bilateral’s, private creditors as you know Bond holders and 1.72 billion Dollars like in Mopani which we have been working very hard to resolve.

We spent sleepless nights to resolve the debt mountain which we inherited, we didn’t create it.” said President Hichilema.

The Republican President said they were more complications surrounding suppliers, the workers the council, and the constituency including court cases which were resolved.

He said he has always advocated against doing business in court especially courts in London as it is costly.

The President was elated that production at Mopani Copper Mine is poised to raise to 260, 000mt from 65,000mt which will be a significant addition to the 3 million tonnes target.

President Hichilema announced that Zambia will strategically benefit through more secure jobs for Miners, suppliers and contractors as well as business opportunities including to marketeers at Chisokone market.

Additionally the President said working in partnership with UNPD and the Chamber of Mines to build capacity among suppliers, a suppliers development program has been developed to inhence the capacity of local suppliers and access to capital.

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