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Saturday, October 30, 2021

Mopani Copper mine PLC poised to record US$ 52 million this year-Mines Minister Paul Kabuswe

Headlines Mopani Copper mine PLC poised to record US$ 52 million this year-Mines...

Mines Minister Paul Kabuswe has announced that Mopani Copper mine is poised to record a 52 million US Dollar profit at the end of the 2021 financial year.

And Mr Kabuswe says government will soon make a policy statement on the direction of Mopani in terms of ownership.

ZANIS reports that speaking when he toured Mopani Copper Mine in Kitwe, Mr Kabuswe said he was very happy with the impressive performance of Mopani after the departure of Glencoe adding that this proves that Zambians have the human resource to manage the mines.

Challenging the mine management to be professional, the minister noted that in the run up to the August 12 general elections, a lot of people were dismissed for political reasons, a trend he said should be stopped immediately.

And Mr Kabuswe admonished the mine management to clean up the Commercial department which he said was corrupt where only a few individuals belonging to the former ruling party were given contracts.

He directed that supply contracts opportunities should not be confirmed to the same people but should be availed to all so that Zambians and also ensure that proceeds from the mines circulate within the country.

Meanwhile, Mr Kabuswe called for better conditions for the miners and also support for the community through corporate social responsibility in areas like spots and the arts sector.

The Minister however, said the new dawn government will let management operate professionally without

And Mopani Copper Mine Chief Executive Officer ( CEO ) Charles Sakanya says the company has continued to run on a positive trajectory since the departure of Glencoe in April this year.

Mr Sakanya said despite several operational challenges being faced, the mine recorded an increase in its production from 3500 metric tonnes in the first quarter of this year to 8300 tones between April and August.

And Mr. Sakanya said that the life span for Mopani Copper mine is still long as the mine remains with ore reserves at both the Nkana and Mufulira mines with Nkana accounting for 129 million tonnes while Mufulira accounted for 23 million tonnes.

He said the company has continued to invest in the mine to increase its production and to bring in new machinery he cited as one of the biggest challenges facing the mine as the mining machinery has remained old.

The Mopani CEO further disclosed that Mopani Copper mine will this year pay 41 million US Dollars in mineral royalty alone.

And Mr. Sakanya has stated that the company has reduced the number of expatriate workers except in areas where Zambians cannot work.

He explained that mine will continue working with a lean number of expatriates to ensure exchange of knowledge to Zambians.

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He further argued that Zambians can run the mine as evidenced by the progress that has been recorded by the mine while in the hands of the Zambians from the time Glencoe left in April this year.

The Mines Minister is on familiarization tour of mines on the Copperbelt where he has toured Konkola Copper Mines and Mopani Copper Mine.

18 COMMENTS

  1. So there is no need to sell the Mine or acquire foreign equity partners. If the company has made such profits then it will help the government establish which foreign owned companies are telling the truth when they say they are making losses. This will also help take up reposes such companies when they pull out. Secondly i just don’t know about its sell how we are doing on payments. A win win repayment schedule for its purchase from Glencoe should be agreed. The Government should still own some of these companies as we have the expertise to run them professionally as has been proven.

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  2. 52 million dollars? That is all? A major mine like that should make HUNDREDS of millions per year, especially with the high copper prices.

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  3. Contracts were given to the ruling party? This will continue except it will be a different ruling party. People fail to understand this simple logic….

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  4. #2 Most units were closed by Glencore as they were about to close the entire mine. I know Charles Sakanya will steer the mine to higher returns.. he’s a stable gentleman.

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  5. No corrupt Zambia this was despite it being in the hands of incompetent PF. Without PF in the picture we expect 500 million profit

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  6. UMUNTU ni Edgar Lungu…… KCM is ours , Mopani is ours and all are poised for profits that will remain in the country. Aba bambi kuwayawaya fye.
    Only wanting to bring his friends who will externalise the profits to offshore accounts!!

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  7. Kitwe and Chingola/Chililabombwe… the two towns voted differently in parliamentary elections. The main reason is how the former regime handled the situation. KCM was a total failure. The Mopani one came off better whether through competency or sheer luck I don’t know but jobs were saved hence the good figures we are seeing. Let’s work on KCM so that the people of Chingola can be saved from misery.

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  8. Vital information is missing. Is US$52M gross or net profit? How is the Mopani Balance Sheet? That’s what will make us make fair comments otherwise it’s just one of those statements like campaign promises. Is that figure sustainable considering the lopsided separation agreement between Glencoe and ZCCM-IH?

  9. That’s good news and a good start …….

    Instead of empoying those expatriates, why not entice and recall Zambian mining engineers working around the world ??

    We have many Zambian mining specialists working abroad

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  10. I hope the mine will not be sold for a song like previously due to wrong economics which perpetuate African neocolonialism. We managed to get our mineral assets back and mopani has demonstrated that it can be done hence support them.

  11. I’m equally disappointed only $ 52000000, is mining doing anything for Zambia , why not just stop it and do farming and other industries , but copper is earning highest in history as it has replaced oil.
    Zambia cannot boast about anything concerning copper, well there must be some one making a kill out our ignorance.
    Our government should sit down and think of something to do to make progress in economic development rather than depending on what has never and will never work for the Zambians however foreigners.

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  12. #10 Spaka. Let’s with you. Seriously you know why people traverse across the globe. Whites coming to in Africa and African experts going to work in the West. Sometimes it’s a necessity other times it is out of adventure. Some are so used to where they are like some white people who never and won’t leave Zimbabwe.

  13. #13  Deja Vu
     September 22, 2021 At 1:38 pm

    “#10 Spaka. Let’s with you. Seriously you know why people traverse across the globe. Whites coming to in Africa and African experts going to work in the West. Sometimes it’s a necessity other times it is out of adventure. Some are so used to where they are like some white people who never and won’t leave Zimbabwe….”

    Badala , I can assure you if those Zambian experts are offered the same pay and conditions of service as the expatriates , they will opt to work in zambia ……..

    The difference is 80 to 90 % of their pay will remain in zambia unlike the expatriates who move almost 99% out of the country…….

  14. #15 Spaka you know that you can’t get what you get over there in our country. We called for equal job equal pay…it came by reducing expatriate salaries and we were happy only to find out later that our colleagues were getting the difference in their countries. Mind that was during the Unip days so what more with our crop of today’s leaders.

  15. Only a fooool would be excited with such half baked information given that Glencore is taking a large chunk from the sale of copper…be serious Mr Minister dont act like that former PF minister the school tutor!!

  16. We were told these mines were loss making. Honestly mwe bena Zambia what has become of you? I will not be surprised if you people turn against HH soon. Muletasha. Even if the profit was $1 million it would have been in the right direction. This is important even if today we decided to sell the mine, which I hope won’t happen because we are doing a good job.

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