In a landmark decision, shareholders of Zambia Consolidated Copper Mines-Investment Holdings (ZCCM-IH) have unanimously greenlit the acquisition of a 51 percent stake in Mopani Copper Mines Plc by Delta Mining Limited. The approval came during the Shareholder’s Extraordinary General Meeting convened in Lusaka on February 23rd, 2024.
Under the terms of the agreement, ZCCM-IH will retain a 49 percent shareholding in Mopani, maintaining a significant presence in the company’s governance structure with three out of nine board seats. Meanwhile, Delta Mining Limited, a subsidiary of International Resource Holdings, will hold the majority stake, with five board seats, while the Zambian Government will occupy one.
The acquisition, valued at up to USD 1.1 billion, underscores a strategic move aimed at enhancing ZCCM-IH’s participation in the copper mining sector and ensuring full visibility into Mopani’s operations.
Following the Extraordinary General Meeting, ZCCM-IH Board Chairperson Kakenenwa Muyangwa expressed his satisfaction with the outcome, hailing the transaction as a significant milestone that delivers substantial value to ZCCM-IH, Mopani, and the Zambian people.
Muyangwa emphasized that the acquisition marks a pivotal moment for Zambia’s copper mining industry, aligning with the country’s ambitious target of achieving three million metric tonnes of copper production per annum by 2032.
Loisa Mbatha, Corporate Affairs Manager at ZCCM Investments Holdings, affirmed the corporation’s commitment to advancing the interests of all stakeholders and driving sustainable growth within the mining sector.
The approval of the acquisition signifies a strategic move towards bolstering Zambia’s position in the global copper market, fostering economic development, and harnessing the nation’s vast mineral resources for the benefit of its citizens. As the transaction moves forward, stakeholders anticipate positive outcomes that will contribute to Zambia’s long-term prosperity and industrial advancement.
So sad to experience this generation of dull and selfish leaders.
Those who grew up in 60s and 70s had good life.
After all you are not shareholed. you even have a dog
Is that the correct headline?
Our leaders are a big let down.. …..coming up with all sorts of gymnastics and making backroom deals lining up their pockets whilst the Majority Zambians are suffering…..in abundance of water a fool is thirsty
Who owns ZCCM-IH? IDC – 60.28%, MoF – 17.25%, NAPSA 15% and minorities 7.47%. Who met to make this decision? Situmbeko, Nkanza, Muyangwa, Muteto etc all HH’s appointees from the Zambezi region. Who identified the investor? The appointing authority. Who wrote this article? The appointing authority’s spokesperson. Let’s wait and see. This transaction isn’t in national interest
State finances and assets have been stolen like this before.
@ Ayatollah
The unfortunate thing is that 99% of Zambians don’t understand whats going on…they say if you want to hide something from a black man put it in writing…..and the so called investors have ganged up with our corrupt government to milk Zambia dry….and Zambians were warned….HH is a known privatization Bandit…..and this is just a continuation
I am a mining and Geotechnical Engineer, your comments just shows that you belong to the alleged 99%. You can not articulate than expressing your misguided and not well thought through opinion. It is also clear the hatred you have towards HH and UPND. Be objective in your critique rather than spewing hatred. What did the saint in PF do about the plight of the mines when there were in power ? Nothing
We sold Mopani to a company registered in Dubai two years ago by the name of International Holding Resources. The shareholders of that company are hidden. Trying to search shows it has some complex Panama shareholding.
I speculate that one of our top leaders in the executive is a shareholder and has thus sold a national asset to self and friends.
This can be the only reason why such unpatriotic acts as tax freedom can be given to mines.
@ Uncle Spider
HH is making a killing out of these mine deals ……this is what he’s been waiting for…this is bread and butter for HH…and Zambians are now being fed dog meat…
African leaders are a big let down…..for as long as we have the Chakweras….the Hakaindes…..the Tshisekedis…..the Tinubus …..the Ramaphosas…..the William Rutos….Africa will remain poor…..i saw a Japanese upside down train and I thought of how African countries are struggling just to patch pot-holes….in terms of development we are 5 billion years behind and thats eternity….beyond life
Some of these decisions are being made without a mandate from the electorate. Politicians should only do things that they promise in the elections. To work out of the mandate is pure fraud and there will be a political risk when a new govt comes in. UPND made a lot of promises they are not fulfilling. It is better they stick to those promises.
Get down to work and stop whining. Have you been to the copperbelt and seen how economically depressed the region is? People are complaining that the kwacha exchange rate is to high. This because of low copper production. Who is going to give you a loan when you are debt distressed. Even government bonds are undersubscribed. Not every one lends money for mining. Even more difficult for places like zambia & DRC. Just see what has happened to the price of nickel and the impending mine closures in Australia. Get a book on economics & read. Better still a book on mine projects and financial modelling.
@ Swahili
Thats very clever of you….let the majority poor Zambians get down to work whilst HH and his gang of Bandits are busy making darkroom mining deals…let HH and his gang of Bandits continue flying around in a private jet and sipping on expensive wines whilst majority poor Zambians can’t afford a loaf of bread….
Anonymous. I don’t buy this HH privatisation innuendos. It was started by Sata. That man mhsrip brought a very toxic, sarcastic brand of politics. If HH committed crimes why did he attempt to form an alliance with him? Why didn’t he prosecute him in the 3 years that he was president. Why did Lung prosecute HH?
Secondly what’s your solution? Don’t talk about professor chirwa’s analysis. To be polite to him I simply say he doesn’t know what he was writing about. Nor any proposal that requires GRZ to borrow. Lets not saddle even the unborn with debt that weighs like a necklace of heavy stones around their/our necks. Talk about private Zambians raising capital and putting it in the mine or something along those lines. Then I can read your proposal.
UHMM SATA Started the privatization?
@Buggz. I wrote; HH privatisation innuendos. Do you know the definition of innuendo? Innuendo an allusive or oblique remark or hint, typically a suggestive or disparaging one. That is what Sata started in disparaging HH. And HH was not the 1st one to suffer from this toxic politics. Years before, he called Mwanawasa a cabbage! Little did he know, himself (Sata) that in his final days of his presidency/life; he would become physically and mentally worse off than LPM. Be wary of what you call or wish others just for material and/or vanity ambitions on this earthly world. I am disappointed that younger and more educated politicians want to emulate this brand of toxic politics. Beware of Karma!!!
Why not position ourselves to share in the cake, than just look at the decisions in our country as black and meant to benefit foreigners. There are Zambians not even HH who will position themselves and make money out of this deal…All humans are selfish, but the selfishness of our races is even toxic, that is why given a choice, majority Zambians would rather work for a foreigner that a Zambian even when they are involved in similar business enterprise.
Many of you are commenting without understanding. 49% shareholding by ZCCM-IH is a step forward compared to what we have seen in the past. The task is to have a good team of experts who can audit these mines so they pay a fair share. Do not blame HH. He found this dead. PF closed Mopan and KCM and now you are blaming someone trying to make it work. You are like someone who owns an old Sisu truck that has been on stones for 5 years and still hope to find money and make it work.
People on the Copperbelt need jobs. Ministry of Finance need PAYE. The people need disposable income to send their children to school
Real investors should be sinking shafts on green fields. All these so called investors who come to take over running mines which in some cases are deliberately sabotaged are not investors at all. The Zambian govt in the past sold profitable businesses like Chilanga Cement to investors! Is it really investing if you take over something that is operational,just needing tuning. In the case of the mines, they took over the plants and mines but disposed the social programs! Obviously without having to look after people they were going to make profits. Real investors should be starting new mines, that is real investment.
@Justice. Stop confusing investors with philanthropists. Look up the two words in the dictionary. Our mindset was twisted to expect gifts from white men by missionaries and made worse by KK who through his policies which inculcated a bad disposition towards individual discipline and hard work. Unip basically entitled us to have as many children as we wanted. It was the responsibility of government to educate them and put bags of mealie meal in our homes. The culture was so bad that in 1974 they were riots in town/kitwe if I remember correctly because bread prices where increased and people would not have subsided bread for the englishman’s drink; tea. Spoilt brats living in utopia
The calibre of leaders we now have running our resources is the poorest so far , you cannot think of anything coming in the favour of our beloved Zambia .
They don’t know anything about world economic wars that wages on fighting Africa from all fronts assuring that Africa doesn’t attain something but remain poverty stricken.
This generation of African leadership is the poorest of all time , they are taking us no where better they are quickly removed from running our countries.
@Doug February 27, 2024 At 11:48 am
Many of you are commenting without understanding. 49% shareholding by ZCCM-IH is a step forward compared to what we have seen in the past. The task is to have a good team of experts who can audit these mines so they pay a fair share.
Very good observation , I wanted to say the same, but its looks like LT if you write something against the former regime, LT will never publish it.
During privatization they never thought of Zambians …What makes Zambians to think that they can care about our welfare today!
Justice and Reloaded. You don’t seem to get it. Read definitions below:
Investor/s: A person or organization that puts money into financial schemes, property, etc. with the expectation of achieving a profit.
Philanthropist: A person who seeks to promote the welfare of others, especially by the generous donation of money to good causes.
So if you want outsiders/foreigners who will think of Zambians when they put THEIR CASH IN THE MINES then advertise for Philanthropists NOT investors.