President Hakainde Hichilema is scheduled to officiate the official handover of Mopani Copper Mine in Kitwe to its new Strategic Equity Partner on Thursday, marking a significant milestone in the nation’s mining sector. However, amidst this development, criticisms have surfaced regarding the sale of the mine to a foreign investor.
“International Resources Holding, operating through its subsidiary Delta Mining, has injected $130 million into Mopani Copper Mines, signaling a robust commitment to the mine’s expansion and growth,” announced a government spokesperson, highlighting the substantial investment poised to revitalize the operation.
The anticipated rebound of the Copperbelt economy is expected to create 2,000 direct job opportunities and an additional 1,000 indirect employment prospects, according to government projections.
“Notably, substantial progress has been made in settling outstanding payments to contractors, with approximately 80 percent of contractors and suppliers already compensated,” Mines and Minerals Development Minister Paul Kabuswe revealed, underscoring the positive impact of the impending handover.
Kabuswe further elaborated on the allocation of funds from the new equity partner, stating, “A significant portion of the $1.1 billion investment by the equity partner would be allocated to clearing arrears owed to contractors, suppliers, and addressing debt obligations to Glencore.”
“Under President Hichilema’s leadership, the government has successfully reduced Mopani’s debt from $1.5 billion to $300 million,” Kabuswe emphasized, highlighting the administration’s commitment to financial stability and responsible management.
However, not all voices are in harmony with this decision. Howard Kunda, leader of the Zambia Wake-Up Party (ZAWAPA) and former Muchinga Member of Parliament, vehemently condemned the sale of Mopani Copper Mines to a foreign investor.
“Zambia will only fully benefit from the mines through ownership,” Kunda argued, expressing concerns about relinquishing control of the nation’s wealth to external entities. “We have seen that the interest of this Government is to sell this country to outsiders,” he added.
Kunda emphasized the need for Zambians to take charge of their economic destiny, advocating for greater local ownership and control of key sectors like mining. He urged President Hichilema to reconsider the government’s approach to foreign investment in strategic industries, cautioning against the perceived sale of the country’s wealth.
Despite the criticism, the government remains steadfast in its decision to facilitate the handover of Mopani Copper Mine, signaling a renewed era of investment and development in Zambia’s mining sector. As the nation navigates this pivotal moment, the debate surrounding foreign investment and ownership of critical assets continues to unfold, shaping the trajectory of Zambia’s economic future.
The only thing HH knows is to sale cheap for kickbacks. We saw him during privatization, we have seen him with the maize and now he has moved to Mopani. He will give Mopani five years tax holiday. The only person who will come out rich in all these transactions will be Hichilema just like he did during privatization. His people will be Hungry praise singers and the rest of Zambians will start looking like Ethiopians.
You forgot the presidential jet and the also selling the rain because Zambia has not seen a single drop since records began.
In your flawless opinion, given our situation and the legal wranglings that had beset the issue of this mine, how should we have handled this issue?
I am simply loving HH day by day… I wish he was a woman..
HH did sell Mopani to foreigners. The “foreign” company has 97% Zambian guys, only one is foreign and HER duty is keeping company legally registered at all times.
We and HH told you that, money invested in Tax Haven by Zambian individuals including HH should be brought back in form of investments. Let’s do it guys!! PAMAMA and Mauritius give us our money!!
kci, on contrary, HH never sold anything during privatization, it was the government that sold companies under the act of parliament. And special privatization committees were instituted to monitor coordinate and approve processes of privatisation . HH was just a hired worker with his job description and conditions of service. And never did anything on his own but what was set and approved by the government. So don’t be too literal in thinking.
Really? Who bought our rain? We wanna go demand it back
African leaders are a big let down and Hakainde Hichilema is on course to become one of the worst Presidents in Africa
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After 2031, HH will win the mo Ibrahim award…
“Under President Hichilema’s leadership, the government has successfully reduced Mopani’s debt from $1.5 billion to $300 million,” Kabuswe emphasized,
Interesting, where did the president get the $1.2 billion to reduce the debt, is it from the Mine’s revenue or another donation from IMF. We need some transparency here. I think Information bill is law now, can we use that to get more info?
If it was from Mine revenue, that it is a dumb decision to sell the mine if it generates that much revenue in under 5 years.
Can we have proper explanation here
Negotiations with Glencore and also with the new owners. The copper is ours, how can Glencore say we owe them when they are in our bedroom calling shots. I think HH is a good negotiator. He negotiated for the sell of mines back then, now he is negotiating on behalf of the Zambian people.
for sure a kick balibafye ignorant just other people who think he sold the mines and used the money for his own. If it was so he was going to be arrested especially when he was in the opposition. Poor thoughts AKWA bitter elements
Amidst the grand finale of transitions, the symphony of change orchestrates a crescendo of hope and trepidation in the hearts of the laboring populace. As President Hakainde Hichilema ushers in a new era for Mopani Copper Mine, the discordant notes of uncertainty linger, casting shadows of doubt on the path ahead. The juxtaposition of celebration and skepticism underscores the intricate dance of progress in a landscape fraught with complexities and contradictions.
A drowning man will clutch a straw…. he’ll take any opportunity..
Let us wait and see instead of criticizing every action taken by the President. This may mean well for Kitwe and Mufulira miners at Mopani
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“……..rebound of the Copperbelt economy is expected to create 2,000 direct job opportunities and an additional 1,000 indirect employment prospects,…..”
We insist…….
Forwadee 2031……….
Propaganda
I expect Howard Kunda to be on the list of locals who should bid for ownership in the mines, but alas not even a share in ZCCM-IH. Zambian ownership is great idea, but this Mopani has been like that since PF took it from Glencore. What did we see with 100% ownership, production almost Zero, suppliers and contractors not paid for more than Six months, is this what we want to go on?
Amidst criticism from Haward Kunda of Zambia wake up party. Really, Kunda is now the critical voice, where is moribund pf, or capitalist turn socialist Membe to offer checks and balances
The curriculum in Schools of Engineering both at UNZA and CBU should change. It should not only involve mine development and exploration. It should also include topics like how to run mines as a nation. We have educated people,if given the resources, can run the mines with efficiency and proficiency. Why should we have schools of mines when we cannot utilize the manpower that we are producing from these mines? These same foreign owners will be employing our qualified manpower and give them peanuts as emoluments. Zambians are the ones who are running these mines.And foreigners are getting extravagant profits at the expense of Zambians.
ZAMBIA ON SALE TO UAE. FREE AIR TICKETS TO DUBAI.
This mine was closed before the current government came into power. You know what PF did to Mopani and KCM. You are criticizing the government for opening up this mine. You should know the suffering faced by workers who had to be laid off or suppliers who went for years without being paid yet PF stooge where getting millions out of KCM.
Does a President have to officiate handing over a company to new owners? Somehow doesn’t seem or feel right, even if there is such a discretionary provision available mwe.
I agree with the optics, however, you have to understand that it is symbolic to the Copperbelt residents that he is present there. It may look bad in Lusaka but it is popular on the Copperbelt. And you will notice that UPND is desperate to score a policy win on the Copperbelt as there has been none.
Some debt was false. Some people; jikwite; where suppling nothing to the mines but where claiming payment and at times, same item could be supplied many times. It is in the stores and it comes out there and then and the debt became huge. This is how some people were corrupt.
It is the Government of the Republic of Zambia that is selling. So the Head is His Excellence HH the only serious President sine 1964.
Governance is about making tough decisions. The Mopani deal is a good deal because ZCCM-IH has increased its actual shareholder post the Glencore debt. The UAE are the best partner Zambia could have hoped for. While it is popular to assume that locals can own the mine, no single local bid to buy this mine as they failed to gather guaranteed financial support. Zambia’s economic revival is anchored on the performance of the mining sector. Specifically, whether Mopani and indeed KCM can produce projected output and generate the much-needed forex to curb the exchange rate depreciation and resulting inflation.
Talk of self owning minus basic capital resources in place is becoming irritatating
Zambia as most of Africa has a huge technological gap for any viable mining venture which the likes of kinda should be well aware of instead of exposing political naivety
@Awee, kci and others have peddled this lie for so long. Today, it exposes them of their deep rooted ignorance