Copperbelt Province Minister Urges Mopani Copper Mines to Settle Debts
Copperbelt Province Minister Elisha Matambo has called upon Mopani Copper Mines (MCM) to initiate the repayment of outstanding debts owed to Kitwe City Council (KCC) following the recent unlocking of the mining firm.
MCM’s substantial indebtedness to the local authority has reportedly impeded the provision of essential services.
Last month, shareholders of ZCCM-IH unanimously approved the acquisition of a 51 percent shareholding in Mopani Copper Mines Plc by Delta Mining Limited, a subsidiary of International Resource Holdings (IRH), representing an investment of up to US$1.1 billion.
While ZCCM-IH retains a 49 percent stake in Mopani, with three out of nine board seats, interim funding of US$130 million from IRH has been provided to ensure continued payment to suppliers and contractors.
Minister Matambo emphasized the importance of MCM settling its outstanding dues to the council, urging the mining company to demonstrate a commitment to dismantling the debt gradually.
This action is crucial for enhancing operations, especially with the focus on bolstering investor confidence in MCM’s activities.
SOURCE:zambiadailymail
