Zambia’s Govt to Finalize Handover of Mopani and Konkola Copper Mines to new Investors
The Zambian government has announced its plans to finalize the handover of Mopani Copper Mines to a new investor by the end of February 2024.
Additionally, Finance and National Planning Minister Situmbeko Musokotwane revealed that only one step remains for Konkola Copper Mines to be returned to Vedanta, after which production will resume.
Dr. Musokotwane emphasized that once these processes are completed, both mining giants will resume production, bringing economic revival to the Copperbelt region and the entire country.
He highlighted that even before production restarts, investors are already sending funds to Zambia to settle local creditors and prepare for increased production. These payments are contributing to the appreciation of the Zambian kwacha.
Furthermore, Dr. Musokotwane expressed confidence in the economic growth prospects with the involvement of First Quantum Minerals (FQM) and Barrick. These companies have begun developing new ore bodies to boost production levels.
Dr. Musokotwane made these remarks during a Ministerial Statement on the Performance of the economy as of January 31, 2024, in the National Assembly.
He also provided an update on the progress of debt restructuring, indicating that formalities with official creditors are nearing completion, with agreements set to be signed soon.
