Zambia Mining Minister predicts Mopani Copper Mines deal by March

Zambia’s Mines Minister Paul Kabuswe announced today, 6th Feb, that Mopani Copper Mines will acquire a new investor by the close of this quarter. He considers the complex, owned by state mining firm ZCCM-IH, a crucial asset for Zambia’s Copperbelt region.

In an interview during the Mining Indaba in Cape Town, the Minister said that there are ten potential investors for the mine and smelter complex, among them South Africa’s Sibanye-Stillwater and “one or two” Chinese mining companies.

And Neal Froneman, CEO of Sibanye, expressed interest in Mopani to Reuters in October.

According to Minister Kabuswe, interest has been shown from various regions, including the Arab world. However, he declined to name any other potential investors.

When questioned about the competition between the United States, Europe, and China for African metals and minerals, Minister Kabuswe said that Zambia does not discriminate between investors as long as they bring value to the country.

He added that Zambia is open to all, stating “We are friendly to everybody” and not biased towards any particular country or region, including the Arab world, US, and China.

Minister Kabuswe stated that Zambia is working towards reaching an agreement with Vedanta Resources, the owner of Konkola Copper Mines, by the end of Q1. This follows Zambia’s decision last year to settle the dispute over KCM through out-of-court means.

According to Kabuswe, increasing copper production in Zambia is imperative in reducing the country’s debt and fostering growth in other sectors through investment in infrastructure.

Zambia has set an ambitious target of producing 3 million tonnes of copper annually by 2032. This effort is in response to the country’s struggle to pay off debt after becoming the first African country to default during the COVID-19 pandemic.