Reuters reports that Glencore’s plan to invest over $1.1 billion in Zambia to sink three copper mine shafts with new technology that will extend mine life by over 25 years, is pushing the kwacha to its highest in two months.
By 1040 GMT (6.40 a.m. ET) the currency of Africa’s number 2 copper producer had gained 1.3 percent to 11.1100 per dollar, its firmest level since Jan. 19.
“The news from Glencore obviously sent a positive signal but overall we are seeing a lot of dollar supply with very little demand,” analyst Maambo Hamaundu said.
Glencore plans to make the investments between now and 2018 and it was expected that Mopani Copper Mines (MCM) would be turned into a world-class mining operation by 2023, it said.
“We firmly believe that we shall be able to overcome the challenges that we face today as a company and become profitable and operationally efficient,” Mopani said in a statement.
Glencore was fully committed to Mopani and had invested over $3 billion in upgrading infrastructure and in major capital expansion programs since 2000, Mopani said.
An electricity shortage in the southern African country and weaker copper prices have put pressure on Zambia’s mining industry, threatening output, jobs and economic growth.
This makes good reading for mining professionals and new graduates hoping to get jobs from Mopani – and by graduates I mean engineers, artisans, accountants, human resource students etc., etc. who are completing their studies.
OF COURSE GLENCORE ARE NOT THAT ST..uPI.D to ofr EXAMPLE INVEST THAT AMOUNT TOMORROW – BECOZ IF THEY MEANT TO, they could have done it LAST WEEK OR LAST MONTH BUT THEY KNOW, NOT TO WITH THE CABAL OF THIEVES LED BY CHAGWA!!
They will wait till after 11/8/2016!! SO VOTE WISELY 11/8/2016!! VOTE ZAMBIA FORWARD!!
VOTE UPND!!!
Abantu baya, PamaFI ya shala!!
#CHAGWAMUSTFALL!!
I thank you!!
Glencore is known for its unprofessional conduct in countries with weak just institution…their copper mining methods can never be accepted in Chile and yet these methods are known by our govt. and we are not protected-Glencore uses sulphuric acid to purify copper and then offloads the residue in the earth-underground…these three shafts will ensure that our ground water on the Copperbelt is continuously poluted…
This kind of news its wat UPND doesn’t want to hear.
Peddle, grow up! Stop politicizing. Why do you think so? What makes you think UPND would not accept improvement in the economy. Is it not every Zambian’s cry and the reason why UPND wants to come into power in order to improve the well being of Zambia, so why would they be opposed to this? Do you think they are aliens or you just want demonize them?
@Peddle.what kind of evil mind is that??? you mean people n UPND are not Zambians. why would some one oppose an economic growth? Man stop being so sallow minded.. PF for sure have failed Zambians. Come August for sure you will be Supporting HH once your PF thieves are kicked out.
“gained 1.3 percent to 11.1100 per dollar, its firmest level since Jan. 19”
The listening govt has done it again. Allellujah!!
These things are global.
Horny Chipuba Kabililbili
Global Spokesperson.
Sorry to disagree. Kwacha and all other currencies have strengthened against dollar because Jelen (Fed. Chair) has ruled out increase of USD rates for at least 6 months.
Comment:My fellow Zambians why be shot sighted, this issue of glencores is about the just appreciated copper metal prices. just recently when prices historically went down they layed off a few thousand of workers the same glencores trading as Mopani in Zambia. This game will remain just like this. When prices are good they are back. when prices are bad they are gone. Let’s focus on agriculture as nation and with much attention on irrigation since we have plant water. am talking about all year round farming, reducing dependence on rain. By this we will break through as a nation. This should infact be individual responsiability and not boma iyanganepo syndrome. The problem in Zambia we like white collar jobs that’s why our dependence is on politicians.
@ Banda Correrct
@ Banda Correct
Comment:thanx at @ coco
VIVA HH 2016
The kind of news to make UPND cadres’s blood to boil. Wait for their conspiracy theories now.
Comment: Let’s not even think Lungu or HH to be our savior. First score success as an i individual. I call people who think about success depending on who is their president to be shallow minded. These are the same people who count on contracts, jobs development depending on who is at the helm of power. Out of such minds proceeds corruption, neoptism, bribery. First breakthrough for Zambia should come as a result of transformed individual mind sets.
These are the mines they said had 10 years of copper in them 30 years ago!!
If Glencore had said that it is laying off a mouse, it would have been news in the UPND lap dog.
That is very very good news. Assuming that all the miners that were recently laid off get re-employed, am wondering the campaign song the UPND will use now on the Copperbelt. Voters on the CB will look at Lungu as a problem solver when faced with challenges. Moreover the issue of mealie will soon be sorted out with the harvesting time now in sight. Coming to the issue of the Kwacha it has now started picking. I really pity HH at times because all the points he uses to decampaign Lungu eventually ceases to exist. Another example is the constitution which has already been implemented. Fertiliser and the subsequent payment of money to the farmers was done on time meaning farmers are way to satisfied. Other than barking like a stray dog i still believe ba HH kuwayawayafye.
Mutafela means coming empty handed, even your mind is empty
Hammer them Mutafela, they rejoice when it is sad news and become sad when it is good news. If Mopani had said they were rentrenching, this site would have been flooded with useless comments from Up N dowm cadres.