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Friday, May 13, 2022

Mopani Copper Mines to double Copper output annually in the next 5 years

Economy Mopani Copper Mines to double Copper output annually in the next 5...

Mopani Copper Mines PLC plans to grow its production from the current 100,000 tons of copper annually to its full capacity of 225,000 tons of copper per year within the next 5 years.

Mopani Chief Executive Officer Charles Sakanya says the mine also intends to look at the viability of some dumps within its properties to extract an extra 50,000 tons of copper in an effort to maximize production towards government’s target of 3 million tons annually in the next 10 years.

Mr. Sakanya adds that with the $111 million new synclinorium replacing the 1932 concentrator, the mine has the potential to reach its full production in 3 to 5 years but will need another concentrator to double its output.

He says the mine is currently on a path to borrow $300 million from a financier, $14 million of which is already sourced in 2021, with the difference to be raised between 2022 and 2024.

Further, Mr. Sakanya says the mine still has 129 million tones in reserves, of which 106 million is at Nkana and 23 million at Mufulira while the new projects increased the lifespan of the mine by 25 to 30 years.

7 COMMENTS

  1. No matter how much copper you’re going to produce Zambia won’t benefit. You blindly entered into a production contract with Glencore in which you agreed to sell copper to Glencore at a fixed price of $2500 per tonne. Over the last 3 years copper has been selling between $7500 to $10000 per tonne. Thus Zambia agreed to give away between $5200 to $7500 of copper per tonne. Simply put Mopani Copper Mines still belongs to Glencore. This agreement is similar to the sharecropping arrangement freed African-Americans entered into with landowners/slave owners after the end of slavery. You’re basically working for someone to receive crumbs or a commission for the illusion of ownership.

  2. Thumbs up to Mr Charles sakanya and the team at MCM. We can run these mines as Zambians. We just have to stop thefts resource wastage at all costs.
    The same needs to be done at KCM. Overhaul KCM management and put right, proven personnel in place and we are good to go.
    We need GRZ and community support for prosperity of our Nation through copper mining operations.
    God bless our beloved Nation.

  3. Dad …ba Edgar Lungu from the bottom of my heart i want to say thank you, know people have called you names for make sure Zambia as a pride to talk of it’s my pray the hichilema will not sale the mining firm…
    Per tonne is almost at 10000 dollars this nation must benefit from it’s resources..

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