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Zambia officially handed over Mopani Copper Mines to International Resources Holding Limited from the United Arab Emirates (UAE). International Resources Holding Limited was chosen as a strategic partner in December last year after emerging as the preferred bidder. President Hakainde Hichilema said that the new partner would revive the mine’s operations, which had become stagnant due to inactivity.
Underlining the unfortunate deterioration of Mopani’s assets in recent years, President Hichilema said the mine would not only receive a capital injection from the new partner but also substantial debt reduction. He added that this decision would lead to an increase in production, which had significantly declined, thereby creating more jobs and business opportunities.
Sheikh Tahnoon bin Zayed Al Nahyan, chairman of International Resources Holding Limited, said his firm is committed to its investment in the mine as well as being ready to overcome any challenges that may arise on the way.
Since assuming control of Mopani from Glencore, a Swiss multinational commodity trading and mining company, in 2021, Zambia has actively sought a new investor for the assets. This move followed an agreement to pay Glencore 1.5 billion U.S. dollars in a debt-funded deal.
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Mopani’s assets in Kitwe and Mufulira include underground mines, concentrators, a smelter, and a refinery. Mopani Copper Mines Plc continues to upgrade its infrastructure by investing in new technologies to increase production and improve efficiencies. The new infrastructure includes three deep shafts (Synclinorium, Mindola, and Henderson), which were sunk and equipped between 2014 and 2021 to extend the life of the mine by over 25 years, safeguard the existing jobs at both mine sites and ensure Mopani’s continuous contribution to Zambia’s economic development.
