Friday, June 14, 2024

Heartson Mabeta Urges the Rejection of Bizwell Mutale’s Offer to Purchase Mopani Copper Mines

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Mufulira’s Kankoyo Member of Parliament Heartson Mabeta has rejected the proposed offer by South African-based company owned by a Zambian, Bizwell Mutale, to purchase Mopani Copper Mines. The rejection was made in a letter addressed to Rothschild and Company, the appointed consultants who are helping Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH) find interested parties. The letter, which was dated December 30, 2022, proposed that US $2.8 billion would be offered for an outright purchase and ownership of Mopani Copper Mines in Kitwe and Mufulira, with $1 billion channeled to Mopani Copper Mine internal operations as recapitalization.

However, Mr. Mabeta has charged that Mr. Mutale’s offer to take over Mopani should be ignored. The Kankoyo lawmaker stated, “A company registered just a few months ago has no capacity and experience to revamp operations at Mopani for the benefit of the people of Mufulira for the next 40 years to come.” He added, “The New Dawn Government is working on something that will not only make the people of Mufulira and Kitwe proud but a base on which other mining companies will strive to achieve.”

Mr. Mabeta also noted that as the government is getting closer to the conclusion of the deal on Mopani, “enemies of progress are not sleeping as they know that what is coming to Mopani will automatically declare them politically dead forever.” He encouraged the consultants to “ignore the 2.8 billion dollars cash to invest in Mopani by Mr Bizwell Mutale with his MKP South Africa United Kingdom Ltd registered on 9th July 2021.”

ZCCM-IH acquired 90% of the shares in Mopani Copper Mines (MCM) from Carlisa Investment Corporation, owned by Glencore and First Quantum Minerals, following approval by ZCCM-IH shareholders at an Extraordinary General Meeting on 31 March 2021. The amount negotiated was $1.5 billion to be repaid annually over a period of 10 to 17 years. Then ZCCM-IH Chief Executive Mabvuto Chipata said, “With increased ownership, ZCCM-IH would now be an active participant in the global industry as copper becomes a critical metal.”

In conclusion, the proposed offer by Bizwell Mutale’s company to purchase Mopani Copper Mines has been rejected by Mufulira’s Kankoyo Member of Parliament Heartson Mabeta. The New Dawn government is working on a plan that will benefit the people of Mufulira and Kitwe for the next 40 years and beyond. ZCCM-IH remains committed to finding a new investor for Mopani by the end of 2021 as it looks to boost copper output from a little more than 34,000 tonnes to 150,000 tonnes.

24 COMMENTS

  1. AFRICA IS POOR VERY POOR AND WILL REMAIN POOR BECAUSE OF JEALOUSY AMONG ITS OWN PEOPLE. IF BIZWELL WAS A WHITE MAN THIS JEALOUS MO WAS GOING TO BE SINGING SONGS OF PRAISE. MENTAL SLAVERY AND JEALOUS SHOULD END FOR US TO DEVELOP. PEOPLE BORN IN A VILLAGE SHOULD NEVER BE ALLOWED TO BE MPS OR HAVE ANY POSITION OF INFLUENCE.

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    • William Banda – Read the whole article…would you accept an offer from a company registered yesterday with no track record like Vandeta Resources of Anil Agarwal. Anil Agarwal made most of his money from KCM to take him to where he is today a billionaire leaving the place polluted and worse off

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  2. Under pf they only prefer whlte western investors. Even the president is suffering from ACOIC(ACCUTE CASE OF INFERIORITY COMPLEX) and he is also a tribalist.
    Kambwili is being persecuted for tribalism as a smokescreen for

    President Hichilema to hide his own naked tribalism

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  3. In what capacity is Mabeta speaking? Member of Parliament Heartson Mabeta has rejected. Business transanctions are not accepted or rejected by MPs

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  4. mabeta has issues because it a Mutale so they believe He will fund PF.If it was a Hamutale he wud not have had any issue coz he believes it the profits would have been by default going to upnd…

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  5. But zoona people really like attention seeking mwe- Bizwell lives in a house thats not even worthy 1 millio ZMK, jst how the hell will he afford $2.8 Billion dollars. His car is worthy K,70,000, his house K200,000, his “imaginary” bussineses K500,000. so where this $2B dollars is coming from-me confused now! Unless he is a magician and even when he was a magician , consultants dont look at magic in order to revive a business. They look at your worthy, what you own and have and your character. Period!

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    • And @Esther+Nyawa, you are valuer of propertues. Mutale may be poor but lkebyou or any Zambian can be CEO, director of any outfit an can arrange a consortium of investors where they see value.
      For your information Africa life is headed by Kuna Hantuba a partner of Hakaine Hichilema Olin the company that had transferred US dollars 33 million to Mauritius to siphon of investment income to their pockets at the cost of pensioners.

    • Read up on the value of Warren Buffet’s house and the car he has been driving for a long time now. Then come back and blog again. Vinangu ivi imwe…

  6. And Mining Environment Fund of US dollars 41 millions given to Africa Life to make Hakainde and Hantuba, double HH richer at the cost of GRZ. Lords of the political ring for next 4 years.

  7. Have you done your due diligence ba Mp? We need to know your main reason for rejection. Mopani already has qualified Zambians capable of running the mines so the issue of experience does not hold any water if there is no solution in sight. Are the other probable solutions offering the same or better financial incentives? Kitwe and Mufulira have been dead for the past 8 years so we can not just ignore such an opportunity slip through the fingers.

  8. At a time when most Zambians are pushing for the ownership of its major assets and businesses, the UPND and its surrogates aren’t willing to give them their God-given wealth. James Ndambo has been mistreated, he’s just one among many Zambians. The only Zambians they’re willing to deal with are those connected to a maze of shady companies registered in tax havens. Let me remind them that political life very sweet but short. They will one day wake up to see things in their right perspective and realize that they made grave mistakes but unfortunately it’ll be too late to make amends

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  9. Surely how can you have a company owned by wealthy greedy blood suckers like the Rothschild family advising you? This is one thing I dislike about HH he is so under the thumb of these muzungus …its so obvious.

  10. Surely how can you have a company owned by wealthy greedy blood suc kers like the Rothschild family advising you?

  11. Old companies bought our mines but failed to run them properly.
    It’s not when you formed your company that matters it’s how knowledgeable you are in field and the capacity such finance . A company comprising people from all professionals relevant to mining operations can not fail to operate a mine.
    What tribe is this Mabeta anyway?

  12. The mister he is directing that mutale’s bid be thrown out but what is not making sense is he hasn’t given us his preferred candidate to take over the mine,

  13. There is already a buyer for this mine. HH already promised people and the Rothschild consultancy is a cosmetic mirror here. If Mutale has the financial backers and has a team with experience, let him be given a chance. Besides, this is a national asset and it’s sell should be subjected to parliament approval. But we have seen HH order a private and foreign accounting firm to audit ministry of defence. Most likely they will sale to Vedanta since 6 youths ‘protested’ wanting the company back.

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