IN a significant development for Zambia’s mining sector,
the official handover of Mopani Copper Mines to International Resources Holding Limite
d, a company based in the United Arab Emirates (UAE), was completed on Thursday.
Following International Resources Holding Limited’s selection as the preferred bidder in December last year, President Hakainde Hichilema expressed optimism about the new partnership’s potential to reinvigorate the mine’s operations, which had stagnated due to inactivity.
‘We would like to thank International Resources Holding for the decision to invest in Zambia. But this is not by chance but a deliberate decision that was undertaken,’ stated President Hichilema at the handover ceremony in Kitwe city, located in the Copperbelt Province.
Highlighting the decline in Mopani’s assets in recent years, President Hichilema underscored the significance of the capital injection and substantial debt reduction facilitated by the new partnership. Underlining the unfortunate deterioration of Mopani’s assets in recent years, Hichilema said the mine would not only receive a capital injection from the new partner but also substantial debt reduction, anticipati
ng positive outcomes for production and employment.
In his
address, Sheikh Tahnoon bin Zayed Al Nahyan, chairman of International Resources Holding Limited, reiterated the firm’s commitment to its investment in Mopani Copper Mines. ‘We are committed to our investment in Mopani Copper
Mines and are ready to overcome any challenges that may arise,’ affirmed Sheikh Tahnoon, signaling confidence in the venture’s success.
Zambia’s quest for a new investor for Mopani Copper Mines commenced following the acquisition of the assets
from Glencore, a Swiss multinational commodity trading and mining company, in 2021. Since assuming control of Mopani from Glencore, Zambia has actively sought a new investor for the assets, reflecting the country’s efforts to revitalise its mining sector.
As per the agreement, International Resources Holding Limited will acquire a 51 percent stake in Mopani, while the Zambian government will retain the remaining 49 percent, signalling a collaborative approach towards revitalising one of the country’s key mining assets.
