Zambian Jerabos eye for Mopani shares

A CONSORTIUM of small-scale miners, commonly known as jerabos, have shown great interest in buying shares in the giant Mopani Copper
Mines (MCM).

Chapamo Mineral Processing Company, which was recently empowered with a 10 percent share in the slag dump, popularly known as Black Mountain, wants a stake in the mine.

Government and Glencore, the owners of the mine, are in talks following Zambia Consolidated Copper Mines–Investment Holdings (ZCCM-IH)’s interest to increase its shareholding in the mining company.

Currently, ZCCM-IH owns only 10 percent shares in the mine but now wants to have a controlling stake.

Minister of Mines and Mineral Development Richard Musukwa said Mopani shares can even be floated on the stock exchange for Zambians to tap into.

This has inspired Chapamo Mineral Processing which wants to have representation in the mine.

Company director Kelvin Tembo said in a statement yesterday that Zambians should be given an opportunity to manage the country’s mines, which are dominated by foreign investors.

Mr Tembo said the consortium of miners, which comprises seven companies, is also looking at getting loans from financial institutions to buy shares in Mopani.

He said having shares in the mines is a long-term investment to improve the welfare of youths.

He said the consortium of miners is also looking at getting loans from financial institutions to finance the buying of shares in Mopani.

Mr Tembo said all the seven companies in the consortium are agreeable to own shares in the mines.

He, however, said it would be nice for Government to empower youths by buying them shares in the mines.

“We are seeing Government departments empowering youths. They can also do so by buying them shares in Mopani,” he said