Saturday, April 20, 2024

Government to Hand Over Mopani and Konkola Copper Mines to New Investors

Share

In a significant development for Zambia’s mining sector, the government has announced plans to hand over Mopani Copper Mines to a new investor by the end of February 2024. Finance and National Planning Minister Situmbeko Musokotwane disclosed this information, further revealing that only one step remains before Konkola Copper Mines is returned to Vedanta, with production set to resume.

Dr. Musokotwane emphasized that the return of these mining giants to production will not only revive livelihoods in the Copperbelt region but also across the country. He highlighted that even before production commences, investors are already injecting money into Zambia, paying local creditors, and preparing for increased production. These payments have contributed to the appreciation of the kwacha, he noted.

Moreover, Dr. Musokotwane expressed confidence in the economy’s growth trajectory, citing developments by mining companies like FQM and Barrick, which have begun developing new ore bodies to enhance production.

The Finance Minister made these remarks during a Ministerial Statement on the Performance of the economy as of January 31, 2024, in the National Assembly. Additionally, he provided an update on the progress of debt restructuring, stating that formalities and agreements with official creditors are nearing completion.

These announcements signal positive momentum in Zambia’s mining sector and broader economy, with the imminent return of key players expected to catalyze economic growth and stability.

The government’s proactive measures and progress in debt restructuring are viewed as crucial steps towards revitalizing the country’s economy and fostering investor confidence.

This news comes as a promising development for Zambia, with hopes high for a resurgence in economic activity and prosperity, particularly in regions reliant on the mining industry.

23 COMMENTS

    • We have a Snake Oil Salesperson who cannot hiss due to getting entangled in corruption and a gun has been put to his head. He is mute and afraid to address the people of copperbelt about this important national issues.

      Why give the mines to the corrupt current majority owners and call them New Investors. This is what happens when politicians are caught in web of lies.

      17
      1
    • Where can you find a local Zambian CEO? You tried Milingo Lungu, what did it do? It was flyghing helicopters from Lusaka.

      5
      4
  1. KKKKKK too much promises which are not bearing fruits,minister just actualize these promises and let the investor come we have heard alot of such stories and now we are fade up.We dont want to hear such stories any more please.We are not student bamu shanina bwali no no no …….

  2. In a significant move, Mr Gregg Mills has instructed the puppet government not to entertain submissions from Clive Chirwa. He has asked them to quickly handover the two mining giants to foreign entities

    10
    2
  3. ………

    Even TAZARA…..

    that railway line is literally a ticket to print money considering the amount of cargo between zambia and TZ ……..

    Awe …….we have failed.

    Hand it over to the Chinese or indinans and let that line become a viable mode of transportation for Zambians……….

  4. Ayatollah your man was given Eurobond to revamp ZRL according to his own designs, where are we?
    Where’s he going to find $1.4billon to capitalize Mufulira mine?
    Give him if you have instead of talking uselessly

    7
    2
  5. Ayatollah your man was given Eurobond to revamp ZRL according to his own designs, where are we?
    Where’s he going to find $1.4 billion to capitalize Mufulira mine?
    Give him if you have instead of talking without serious thinking

    6
    2
    • @FCB, you sound like the type of men Kaiser used to bang their wives. Yes leave K20 and expect your wife to get all home requirements. ZRL were given a paltry $500,000 and Satana expected him to perform miracles. Clive isn’t a witch doctor but an engineer. Criminals in trucking business engineered his prosecution when they realized they were going to lose business. This is exactly what Cabbage said when he decided to give KCM to Vedanta

      7
      1
  6. We told you hh is back to sell all our resources to those foreigners. Every week mutinta hichilema is sending millions of dollars to Panama accounts. I still have access to former colleagues working in OP

    3
    4
  7. @Spaka
    And i quote ” awe we’ve failed”….

    …..and this is literally hanging over our wealth….mind-boggling isn’t it….what is wrong with us Africans?????…and tomorrow we carry our begging bowl and head to IMF….like seriously…..i thought the government would listen to professor Clive Chirwa

    3
    2
    • That is why we need to open a discussion as to why we have continously failed to run large vitally important conglomerates as a nation………

      This is a vital step in moving forward.

      It is not because we are black……no , there are other underlying reasons which everyone is avoiding discussing………

      We can’t keep failing and expecting to move forwar without dissecting the reasons why we WILL fail, again and again……

  8. Its 2024 and we still don’t know what to do with all our natural resources….i thought bazungu used to steal our natural resources when they colonized us ….but we still giving it away to them 60 years after they left…and they determine the price …..imagine you selling something and the buyer is the one telling you how much he will pay whether you like it or not

    5
    3
    • @ Spaka
      If all Zambians speak with one voice then we can get things moving forward…but if we put Politics into everything then we’re doomed…..for the sake of mother Zambia then we need to start taking good care and managing our own natural resources…i don’t know why we still think the Chinese…the Indians or Bazungu will take good care and manage our natural resources…the answer is NO…..Vedanta went to borrow money using our mines as collateral just a few weeks ago….i repeat…THE NEW OWNERS OF ALL THE ZAMBIAN MINES SHOULD BE ZAMBIANS

      2
      2
    • Anonymous

      We have tried before, and we failed.

      This is the painfull brutal truth…….

      we can’t run large conglomerates on our own.

      With out the painfull acceptance of this , and a disection of why we will continue to fail……..

      It is of no use.

      This discussion is so important to move forward that it even merits a GRZ commission of enquiry

  9. Their bosses failed both politically and economically. Their bosses are still bitter for political losses, and they can’t satisfy their confused followers. Hh is actually doing it right. But they can’t see that

    3
    6
  10. @Awee
    With morons like you Africa will never develop…stop reasoning with your backside…this no rocket science to confuse your tiny brain…WHAT WE WANT IS ZAMBIA TO MANAGE ITS OWN NATURAL RESOURCES…period

    6
    2
  11. And exactly what Trump said and i quote ” ALL MY FRIENDS GO TO AFRICA TO BECOME RICH”……yes because they see wealth and loopholes and massive corruption….just like Angola….half of the filling Stations have no fuel in Angola especially the Capital city Luanda… and yet Angola has abundant oil…ATMs have no money….you go to any ATM machine in Luanda and there’s no Cash

  12. Hello, we are gradually following what you always promise us, but it’s unfortunately that each time you make promises they don’t come to pass. Am saying this because am also a miner working for mopani. On a Sunday interview you made a very positive state Mr kabuswe saying “this week we are officially hand over mopani” a week as passed now with nothing so far from your statement. Early last month when you were in south Africa you also said on 28/02/24 it will be official handing over but all these nothing as come to pass. Please you are making people ungly each time you make unfulfilled statements. It’s better not to say than saying what is not fulfilled. Thanks!

Comments are closed.

Read more

Local News

Discover more from Lusaka Times-Zambia's Leading Online News Site - LusakaTimes.com

Subscribe now to keep reading and get access to the full archive.

Continue reading