Glencore Puts Entire Stake in Mopani on the table, as it Plans its Exit
Glencore will likely sell its entire 73.1% stake in Zambia’s Mopani Copper Mines to the government’s mining investment arm ZCCM-IH rather than becoming a minority stakeholder, two sources with direct knowledge said. Zambia and Swiss-based Glencore are at “cross purposes” over Mopani, Zambian Mines Minister Richard Musukwa announced that ZCCM-IH aims to increase its shareholding in Mopani to 51% “or even more”, from 10% currently. Glencore’s plans to put Mopani on care and maintenance prompted the Zambian government to threaten in April to revoke the firm’s mining licences. Two sources with direct knowledge of the…
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