The Industrial Development Corporation (IDC) has said ZCCM-IH has the capacity to efficiently operate Mopani Copper Mines.
According to the statement released to the media by Ms. Namakau Mukelabai, the Head of Corporate Communication, IDC Group CEO Mr Mateyo Kaluba said the mining company’s Board of Directors and Management would be competent enough to professionally run the newly acquired mine.
“In terms of our confidence that the mine will be professionally run, we have no doubt,” Mr Kaluba said, adding that the company would further seek strategic equity and technical partner to enhance its capacity.
He reiterated that the acquisition of Mopani Copper Mine by ZCCM-IH was consistent with the direction the mining conglomerate was taking to have more control of mining interests in the country.
Mr. Kaluba said the IDC, as ZCCM-IH’s holding company, was involved through an extensive consultation process to give the necessary guidance and approvals.
Regarding the payment of the US$1.5 billion transaction debt by Mopani to Glencore, Mr Kaluba said that the debt was the burden of the mining company itself and not the State.
He added that the mine’s debt as a result of this transaction had no impact on the country’s sovereign debt.
Mr. Kaluba explained that the deal was structured in such a way that Glencore would be the off taker of Mopani’s copper and that a 10% portion of the proceeds would go towards debt repayment.
He said the debt would be fully paid over the next 10-17 years depending on the mine’s production capacity and fluctuations of the copper prices.
Mr Kaluba urged Zambians to be more confident in taking up more challenging assignments, as the government had created an enabling environment where companies such as ZCCM-IH and IDC are able to be more assertive in taking control of national assets.
The question is why did we sell the mines?
The worry is carders infiltrating the operations
Who doesn’t remember wht happened whn ZCCM-IH tried to invest in a small coal mine in Southern province?
Knox Nswana Malwa theres nothing wrong with cadres working as long as they do the right thing
The mine will be full of cadres and corruption and collapse.UNIP was better than PF but the mines failed with the cadrisation of all state institutions Mopani won’t escape.
Political interference is our worry
NO WAY HAS IT THE CAPACITY TO OPERATE THIS MINE
READ THE AFRICA REPORT IT SUGGESTS THE REAL REASON FOR TAKING OVER THIS DEBT
POLITICS OVER ECONOMICS !!!!!!!!!!!!!!!!!!!!
She is beautiful, looks strong… I like tough, enduring women, not screamers.
By the way, ZCCM-IH quietly handed back the coal mine to its Chinese owner after paying him a bundle. This is public information. If those who doubt the soundness of the deal btwn ZCCM-IH and Glencore are wrong, let Eric Silwamba, Mabvuto Chipata and the Minister of Mines, Richard Musukwa, make public the full text of the sale agreement, the terms and conditions of Glencore’s loans to Mopani Mining Company and the geological report on the estimated quantity of ore in Mopani mines.
Good luck
That’s is the fact you have the capacity to run it professionally but the worry is the invisible hand of interference by Mwila and his cadres hope it will not go the kcm and zesco way
And what you believe in, and so it shall be. Those Africa Report rhetorics are viewing it from an imperialist angle which says Africans cannot govern themselves. If you believe that cr@p then you are truly colonised. Asians freed themselves such mentality and look at where they are. Let’s roll IDC and ZCCM!!!!
He said the debt would be fully paid over the next 10-17 years depending on the mine’s production capacity and fluctuations of the copper prices.
Please where is the full agreement? Some sections of social media allege that Mopani will be selling copper to Glencore at $2300 per tonne. Is this correct?
Comment:you want to operate because of politics?
We are capable without a doubt but if there will be too much political interference in the running of the business, it will yield negative results.
Zambian Citizen, do u know hw much foreign investment is in, for example, China, Singapore, Thailand and Malaysia? Questions are being asked by those who doubt the soundness of the deal. Answer those questions and u could win yourself some converts. Incidentally, ZCCM-IH is trying to do too much too soon. It’s always a recipe for failure.
There’s no doubt that Zambia has mining expertise to burn. But we don’t benefit from that expertise because the operating environment is not favourable.
Me has a problem with the workforce / production ratio……
15,000 workers producing 36,000 tonnes of copper ?
I would that thought those numbers of workers should be supported by upwards of 200,000 tonnes production…..
I stand to be corrected….
ZCCM-IH has held “golden shares” for over 10 years in most of the mining companies like KCM and Mopani.
Golden shares are the shares that provide the special power in form of veto power to the holder of the shares.
All these years , ZCCM-IH were strangely quiet when the mines were being mismanaged.
Today, the same PF cadres or Directors at ZCCM-IH think they can run a mine.
Let’s wait and see
I feel for Namakau, her job is to convince people that a blocked dirty toilet smells like a rose even when we are seeing the sewage spewing out!
Madam just sit down, Mr. Kaluba yes on paper we are already doing it, but the dynamics of involved in actualizing and profitably run the mines calls for humongous financial injections; which capacity (financial) i still doubt if we have. Sancho mukwai!
It should also point to how effective new mgt would get round the parasites and consumptive middlemen masquerading as suppliers and feeding the mines with all sorts of gonga imports that only go to put pressure on the kwacha
We understand all your concerns and fears. It is a new thing that we have never attempted before so it is natural to feel apprehensive or negative about it. I ask you to contact our relevant ministrys with your concerns and views so that we work together to ensure success.
Yours truly,
Born again kaizar z
????????????? Lusaka with surface drainage is flooded what more with a mine??????
Mining is high capital….do they have that???? Are they not the ones that paid off the interest on the Eurobond?????..Good luck
The issue is not about capacity it’s about the bad deal
CAN A POLITICAL CADRE DO THE RIGHT THING APART FROM BEING USED AS AN INSTRUMENT OF VIOLENCE AND INTIMIDATION BY HIS/HER BOSSES? IF THEY CAN BE SO EXECRABLE IN THEIR LANGUAGE AND ACTIONS EVEN WHEN PROMOTED TO CABINET MINISTERIAL POSITIONS, DO YOU BELIEVE THAT THEY WOULD BE HUMBLE IN SMALLER ENTITIES SUCH AS COMPANIES? IT IS EASIER FOR THE HORSE TO GO THROUGH THE EYE OF THE NEEDLE THAN …. MOPANI IS GONE!
I don’t think we doubt that we have the expertise in Zambia to run Mopani. What we DOUBT is if the government won’t get it’s DIRTY hands in the running of the company……
Today, they have changed the narrative to political interference after the public back rush to the statement of “Zambians have no capacity to run the mines.” ?????
You mean the IDC mentioned in the latest scandal?
Ooh Yes, ZCCM-IH successfully run a lime quarry (Ndola Lime) to the ground. Mopani here come the wreckers
Really laughable …how can IDC talk about efficiency when 90% of companies on its portfolio have not recorded a profit in any financial year!!
Iwe namakau,mining is not about lipsticks and face powder,remember the pf cant even pay council workers and lecturers
I have no doubt we have the capacity. What I have at issue always in Zed is those unscrupulous guys who are passed into positions of authority without meriting them. That is where the abuse comes in. It’s time to really manage our resources stringently please.
Don’t just talk about it, BE about it. People are tired of words, 2021 should be a year of action.
You have failed to Run simple NCZ in kafue.be realistic
Zambian you will do it
We are confident that Zambians can run the mines whether as investors or under the government
Just ask someone to be putting out water then you’ll know that mining is not a child laugh.
No one is against your ZCCM-IH venturing into mining, Namakau. Concern is that besides the questionable sale agreement that you penned, you have ventured into a very costly undertaking. The mines you have grabbed are costly to run due to their old age. Glencore was struggling to run them and were only to happy to put pen to that deal. If you were genuinely desirous to go into mining, you should have known that Zambia has vast unexploited ore reserves some which are just lying a few metres below the surface. Anyway, good luck with your thoughtless decisions
Your track record speaks otherwise and there numerous examples to point to, NCZ, Indeni, Ndola Lime, Mulungushi Textiles etc. These are all companies with s ready market that IDC have lamentably failed to capitalize & run profitably. That’s what is causing the scepticism madam.
History has taught us a lesson. Governments cannot efficiently run businesses becoz they politicised the management of such businesses. Thats the reason why more than 20 years the Chiluba Govt privatized the Mines and other State Assets. History doesn’t repeat itself but it often rhymes.
MOPANI NGA YASANGUKA ICHI SHALA AFTER 20 YRS NAMAKAU BA UNZA / CBU BA SAMBILILA AMA LEFT OVERS MWACHUSHANI ABANTU
Beans
And the PF monkeys still think that those 3000 jobs will be saved? In your own imagination, where did u see Government, especially PF government pay even 1000 pipo on time? So, here is what’s going to happen; yes, government will retain all the employees at Glencore,but they ll simply not get paid.
If ZCCZ-IH has capacity to run Mopani efficiently why were the Mines privatised in the past? We are in a Political Season so the ECL PF Govt is desperately buying votes for the August 2021 Elections thru this deal. People are clever and can see thru this bad deal. People of Kopala wake up and vote this ECL/PF Corrupt Govt out of Power. This Govt has failed and needs to be voted out of Power on August 12,2021. No Third Term for ECL at all costs.
All-in sustaining production costs, an industry benchmark, are forecast between $2.55 and $2.85 per pound of copper for 2018, above its previous estimate of $2.30 to $2.60 per pound.
ZCCM I.H has always been there with golden share in mopani and KCM. They should first explain why they failed to make super decisions.
ZCCM I.H was lamentably failed to run ndola lime company.
Mining bane teyakushetela ko ifisali. It requires huge capital which this Government doesn’t have.
Mining methods have changed with time. It takes longer now to go deeper and access ore body and that requires huge capital and petience. As you develop tunnels, no copper will be extracted, meanwhile workers will be demanding salaries. It takes about five years to develop access to ore body.
History will forever judge Chiluba and his MMD looters harshly for selling the mines; the greatest blunder of all time! Giving away the ONLY thing you have, the ONLY thing that defines you as a country! So sad…
It’s good because the stu.pid boy by the name of HH would have sold the mines to people funding him, How on earth do you say that Zambians can’t run mines! You can’t trust us Zambians…2021 ni zero zero. HH and Judas Iscariot same sim card. Zambians careful …ni Judas Iscariot.
The PF government cannot be trusted. Thier levels of integrity is very low.
You would say that. That is what you are paid to do. The proof of the pudding is in the eating and we HAVE tasted this pudding in Zambia before from for 20 years. We know it left a bitter taste in the mouth.
ati IDC, the CEO is dead weight. Listen to his language of the politician. Put experienced investment banker or CFA to run IDC so we can see through data and evidence.
My father now 75 worked for both RCM and ZCCM Mufulira Division, he was an artisan G1 and can perform better analysis than this CEO
ZCCM-IH has no capacity because of poor track record. They failed to detect that 1st Quantum was diverting funds from Kansanshi Mine operations to other developments up to now we do not know how it was concluded. Secondly KCM problems, they let Vandeta do as they pleased running the mine yet they had a stake into it. We were told that a cement plant was in the offing in Masaiti District to date nothing is being heard of. Ndola Lime Company very viable company but it has been mismanaged to an extent of almost being as good as closed. What happened to the kilns/ furnance ? Kasenseli Gold Mine, they had to seek an injection of US$4m from some dealers from Sudan yet the claim to be viable. ZCCM-IH is just a paper tiger. Its a pity that Namakawu Mukelabai is praise singing on things she does…