Zambia state firm says Chinese mining company interested in copper mine

Spread the love

LONDON, (Reuters) – Zambia’s state-owned ZCCM Investment Holdings has confirmed that China’s Zijin Mining, Sibanye Stillwater, China’s Norinco Group, and an investment vehicle owned by former Glencore officials are among the short-listed investors to buy Mopani Copper Mines.

The search for a new investor for Mopani is expected to be concluded within the next two months, according to ZCCM-IH CEO Ndoba Vibetti. The mine would require at least $1 billion in funding over the next five to six years.

Finding a suitable investor for Mopani has taken time to ensure a company that can bring the mine out of financial distress and invest in its long-term sustainability. Glencore sold a 73% stake in Mopani to ZCCM-IH in 2021, but retained offtake rights until the debt is repaid in full.

The sale of Mopani is part of the Zambian government’s plan to triple copper output in the country over the next decade.