Tuesday, May 21, 2024

Ministry Of Mines Paul Kabuswe Commends New Investor At Mopani Copper Mines

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Mopani copper mines
Mopani Mine

The Ministry of Mines and Minerals Development has expressed gratitude to the new investor, International Resources Holding (IRH) for the commitment to Mopani Copper Mines.

Minister of Mines and Minerals Development, Paul Kabuswe says the Government and the new investor are working in partnership to revitalize Mopani copper mines.

Speaking during a press briefing held at the Ministry , Mr Kabuswe said significant investments have been made in Mopani Copper Mines and the deal has significantly benefited Zambia with a fair shareholding structure now in place.

And Mr Kabuswe has noted that criticism from certain politicians lack substance and aims at undermining progress and has since urged the constructors and its workers to focus on constructive criticism to support efforts in developing the nation.

Meanwhile, Mr Kabuswe has disclosed that the Ministry of Mines has coordinated with other ministries such as Labor and Commerce to ensure alignment in its effort to support the mining sector and its stakeholders.

Mr Kabuswe added that recent negotiations between the union and Mopani management regarding workers’ conditions are ongoing.

President Hakainde Hichilema officially unveiled International Resources Holding, the new strategic equity partner for Mopani Copper Mines last month.

This revitalization promises to not only invigorate Kitwe but also uplift livelihoods across the Copperbelt and beyond.

“In partnership with International Resource Holdings (IRH) from Abu Dhabi, we are embracing a new era for Mopani Copper Mines. This moment, long awaited by our citizens, is not just a handover but a meticulously negotiated partnership that represents mutual respect and equitable benefits,” had said President Hakainde Hichilema during the unveiling ceremony in Kitwe.

President Hichilema emphasized the importance of Mopani as a crucial asset for Zambia’s economic prosperity. He stressed, “Mopani should not be viewed as a burden but rather as a beacon of growth and opportunity.” This sentiment was echoed by various stakeholders, including local leaders and mining union representatives.

The $1.1 billion investment from IRH marked a significant milestone, being the first substantial investment from the UAE in Zambia, with more expected in green energy and other sectors.

To support local suppliers, Mopani initiated a Supplier Development Program aimed at bolstering the capacity of Zambian suppliers by providing access to capital and business development services.

Moreover, the significant reduction of Mopani’s debt from $1.5 billion to $576 million under the UPND administration underscores a commitment to financial stability and responsible management. Mines Minister Paul Kabuswe affirmed, “The challenges plaguing the mining sector are now being addressed, marking a positive turnaround for the country.”

“The partnership with IRH has been met with widespread optimism and support from various stakeholders,” noted Ali Rashid, CEO of IHR. He expressed excitement about the opportunities ahead at Mopani, emphasizing the positive impact the partnership will have on the local economy.

6 COMMENTS

  1. You don’t have to issue statements to defend your actions of what you’ve done is correct. The unrest at Mopani is out of collective bargaining. Miners have been offered a 10% against what they were promised. Kopala calo cimbi, if you lied you’ll soon eat your own words. We saw this at Binani in Luanshya and the rest is bad history. When we point out your weaknesses we don’t mean to derail but want you to do the correct thing.

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  2. Just tax them big time, our African govts are so inferior and boot-lickers who are so scared & shaky when it comes to so called foreign investors. We must be so ashamed of ourselves that since our so called independence we CANNOT own & have full equipment, skills & total control of our own resources. We CANNOT produce finished products from our own resources… shame on African leaders. Politicians … the dumbest people i have ever known.

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  3. Iwe Paul kabuswe, it’s too early to praise those chaps.

    Two years from now, they will established actions to evade paying tax saying they ain’t making profit.

  4. Minister of Mines and Minerals Development, Paul Kabuswe, beyond the important discourse on job creation and economic prosperity tied to mineral extraction, we, as citizens, have the right to know, the future plans of these substantial mining excavations. Could you please shed light on both the current number of sizable mining cavities across Zambia and explain your strategic blueprint for repurposing these sites once their mineral resources have been exhausted? Moreover, we are curious to learn about the scope of future mining endeavours—are there plans to dig additional mining excavations alongside the existing ones? From a concerned citizen.

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