GLENCORE was in discussions with the Zambian government regarding plans to place the firm’s Mopani Copper Mines on care and maintenance. What type of news do you like reading the most? Mopani Copper, in which Glencore has a 75% stake, drew the anger of the Zambian government last month when it announced plans to mothball production, forecast earlier this year to be 50,000 to 70,000 tons of copper. Disclaimer: The views expressed in this article are those of the author and may not reflect those of … Latest News. MOPANI Copper Mines is to restart mining, and provide a 90-day notice period of its intention to place the operations on care and maintenance, the company said in a statement today. Mining Assets. And the miners have vowed to camp at Central offices until Mopani chief executive officer Nathan Bullock rescinds the decision, further urging government to find another investor to take over from Glencore. The stake acquisition plans have been disclosed by the country’s mines minister Richard Musukwa. However, lots of questions remain as it remains unclear how the cash-strapped government, which last week defaulted on a Eurobond interest payment, would finance any deal. Zambia and Swiss-based Glencore are at “cross purposes” over Mopani, Zambian Mines Minister Richard … In an interview, MUZ president Joseph Chewe hailed … And the unions have further demanded that Mopani must quickly recall all workers and contractors that were sent home when the mine was placed on care-and-maintenance a week ago. This is ridiculous. Kenmare says capital cost overrun on $106m plant relocation to increase…, Northam Platinum extends Zambezi Platinum stake to 70%, buying R3.5bn shares, Bring back progressive dividends to trigger mining stock re-rating, says Capital…, Resolute Mining identifies four-year, 80,000 oz/year Syama extension at Tabakoroni, Petra Diamonds in crunch talks with bondholders as firm seeks R400m in liquidity, AMCU “truly elated” after court imposes tougher guidelines on COVID-19 preparedness, Anglo to explore for base metals in SA but wants Govt to consider “legislative adjustments”. In August last year, Mopani Copper Mines reportedly shut down two shafts at its Nkana mine in Zambia. -. Sources said the ongoing audit exercise by Grit Consulting, commissioned by Glencore, was influenced by fatalities at Mopani’s Nkana and Mufulira operations at the beginning of this year. Zambia Sees Deal With Glencore Over Mopani Within a Month November 17, 2020 14:02 December 9, 2020. However, in a memorandum to all employees, Mopani Copper Mine chief services officer Kyansenga Chitoshi announced the appointment of Bullock as the new Mopani Mine chief executive officer, with other changes which include Glencore acting copper department industrial lead Mike Westerman and head – copper assets, Africa Mark Davis. (Kitco News) - Glencore has been locked in a bitter dispute with the other owners of the mine its plan to mothball Mopani’s operations. Would love your thoughts, please comment. 16 April 2020 (Last Updated April 16th, 2020 16:12) Zambia intends to revoke the mining licenses of Mopani Copper Mines (MCM), a subsidiary of Glencore, as the firm did not give sufficient notice before suspending its mining operations due to the coronavirus Covid-19 crisis. April 9, 2020 | Filed under: Breaking News,Business,Latest News | Posted by: Editor 2 3,034 Views Dozens of Mopani Copper Mines workers have this afternoon, marched through Kitwe Town Center to register their displeasure against Glencore’s decision to place the mine under care and maintenance for three months. “The ministry is not aware of any event that has happened that is beyond the reasonable control of Mopani Copper Mines and which makes mining impossible,” he said in a statement. Mines minister, Richard Musukwa threatened to have Mopani Copper’s mining licence suspended, adding that the move was unjustifiable and illegal. MOPANI Copper Mines is to restart mining, and provide a 90-day notice period of its intention to place the operations on care and maintenance, the company said in a statement today. Chiwele would, however, remain within Mopani but as a director on the Mopani board of directors. Lubambe tables tax changes, concession approvals with under-fire Zambian Govt. David McKay. Unit costs at the African Copper assets would be a shade higher than guided at 83 cents per pound (c/lb). The company is in the process of spending billions of dollars at Mopani to sink new shafts. This was a reflection of curtailed production levels at some assets as well as various deferrals – such as the delayed commissioning of an acid plant project at Katanga Mining -, lower equivalent US dollar costs due to generally weaker producer currencies, and lower input costs, particularly through oil price changes. Once fully up and running, the mines should produce about 140,000 tons of copper a … Some 11,000 employees would be affected by a possible closure, although Glencore said as per Mopani Copper’s original mothballing plan that employees would continue to be paid and receive staff benefits. During this notice period, it would discuss “potential solutions to its current challenges” following “constructive discussions” with … Mopani Copper Mines Plc is a Zambian registered copper mine owned by ZCCM-IH (10%), Glencore Plc (73.1%) and First Quantum Minerals Ltd (16.9%). Mine Worker of Zambia president Joseph Chewe speaks at the OSISA/News Diggers discussion forum at Edinburgh Hotel in Kitwe. By Ulande Nkomesha, 9th September 2020. Business. A press query emailed to Mopani corporate affairs seeking confirmation of the turn of events, through Public Relations Manager Nebert Mulenga last Tuesday remained unanswered by press time. In the interim, Chiwele will continue carrying out the role of acting chief executive officer until Bullock takes over the top post this month. September 29, 2014 Recent News, Top Stories Comments Off on Mopani Copper Mines makes headway in finalisation of US$323 million Synclinorium Shaft Mopani Copper Mines Plc, a unit of global commodity trader and Switzerland based Glencore Xstrata has in earnest stepped up efforts to complete the much awaited US$323 million Synclinorium Shaft at the Company’s Nkana mine in Kitwe to elongate the … THE Mine Workers’ Union of Zambia (MUZ) says government’s intention to buy 90 per cent shares in Mopani Copper Mines from Glencore will redeem the mine’s operations. Bullock is set to join Mopani from BHP Olympic Dam in Australia. % and 26% vs our estimates, which include at least one month of shutdown across all operations,” said Barclays in a report. Mopani will engage with its employees, relevant contractors and local communities regarding the restart of operations”. Glencore’s marketing activities, however, tend to benefit during periods of heightened volatility. Dr. J. Harold McClure, New York City, discusses a November 12 OECD case study on Zambia's landmark Supreme Court victory in a transfer pricing dispute involving the Mopani copper mines and notes transfer pricing issues addressed and not addressed in the Court's decision . By. April 14, 2020. A manager addresses workers at Mopani Copper Mines, Shooters protected by the State, matter closed, Don’t be quick to judge PF, we’ve all done something wrong – Tilyenji. Lus/9812/649-MC8 off Alex Chola Road Nyumba Yanga P.O. May 3, 2020. Talks as laid out in today’s announcement may include potential improvements that the Zambian government could make to its mining sector’s regulatory environment. Z ambia expects to conclude talks over buying Glencore Plc’s stake in Mopani Copper Mines Plc within a month, according to Barnaby Mulenga, permanent secretary in the Ministry of Mines.. Mulenga declined to disclose the size of the stake that state-owned ZCCM Investments Holdings is trying to acquire. “Mopani Copper Mines Plc held a number of meetings with Government Ministries on 6 April 2020 in which it provided an update of its comprehensive operational review. A major hurdle to clinching the deal is Zambia's lack of funds to pay for the stake and fund the mine's running costs, sources say. But it’s unclear how the cash-strapped government, which last week defaulted on a Eurobond interest payment, would finance a deal. What about jobs for the locals? Mopani Copper. Westerman, who is overseeing the operations of Mopani as executive director, will also hand over to Bullock at the end of this month. David McKay. According to reuters, global mining company Glencore’s Zambian unit Mopani Copper Mines (MCM) made the announcement in a statement. The mines minister told Reuters that the company is seeking to acquire a 51% stake “or even more”. Zambia expects to conclude talks over buying Glencore Plc’s stake in Mopani Copper Mines Plc within a month, according to Barnaby Mulenga, permanent secretary in the Ministry of Mines. Plot No. Mopani's 2019 financial statement shows operating expenses of $931 million. De-Zambianisation at Zambian mines continues afoot. Mopani Copper Mines Plc held a number of meetings with Government Ministries on 6 April 2020 in which it provided an update of its comprehensive operational review. Zambia’s mining investment company ZCCM-IH is looking to buy a controlling stake in Mopani Copper Mines, a subsidiary of Glencore. Zambia wants to raise its holding after clashing with Glencore earlier this year over the company’s plan to mothball Mopani’s operations. Mopani allegedly did not give sufficient notice to the government before the mines … . While Grit Consulting is still undertaking the audit exercise across all company operations in new concentrator, environmental, medical, legal and secretarial, Mufulira central mine shaft, general management and executive officers, further recommendations on how to turn around the fortunes of Mopani, would be made to Glencore. Glencore Plc, a British–Swiss multinational commodity trading and mining company, is massively restructuring its Zambian subsidiary, Mopani Copper Mines Plc, with the termination of acting chief executive officer John Chiwele’s employment contract. The sources explained that more appointments would be made during this month. Glencore's stake in Mopani is worth $514.6 million, according to its own valuation. Glencore’s Mopani Copper to restart mining as Zambia opens door on “solutions... “The Q1 production figures were fine, with production in key copper, coal and zinc divisions tracking at 26%, 27. During this notice period, it would discuss “potential solutions to its current challenges”  following “constructive discussions” with the Zambian government, the company said. “There is no material change to our 2020 EBITDA forecasts following 1Q production report, with lower guided volumes fully offset by lower unit costs,” said UBS in a report on Glencore’s first production report. Meanwhile Chishimba Kambwili has urged the government to show leadership in the Mopani impasse. GOVERNMENT should provide the required relief to Mopani Copper Mines (MCM) and other mining companies to save jobs during the COVID-19 period, the unions have demanded. Chiwele started acting as Mopani Mine chief executive officer in July, this year, after the departure of Chirs Vermuelen, who took over the responsibility following the deportation of Johan Jansen. Glencore seeking “way forward” with Zambia over suspension of Mopani Copper Mines. Zambia has slapped import duties on certain goods that have negatively affected the country’s copper producers. Vedanta founder Agarwal takes grip over Gamsberg saying firm committed to expansion, Miners withhold $2bn in expansion capital from Zambia owing to double taxation ‘regime’, Afritin banking on interruption-free ramp-up at Uis, and tin price playing ball, Orion Minerals issues shares to pay for resumption of Northern Cape exploration, Ramaphosa economic recovery plan light on private sector foreign investment, Glencore in talks to sell nickel to carmakers, says CEO Ivan Glasenberg, Sibanye-Stillwater says “downstream exposure” will be part of battery metals deal. Box 32147 Lusaka, Zambia, Telephone or WhatsApp: +26-097-7708285 +26-095-3424603 +26-096-5815078, Email: diggers [at] diggers [dot] news editor [at] diggers [dot] news. ... Latest News. Colin Farr from Australia comes to Zambia as general manager – Mining and Concentrator at Nkana, while former chief officer for productivity improvement, Barry Hodgkinson is the general manager – Business Transformation. Commenting in its production report, Glencore also said it would cut capital expenditure initially estimated at $5.5bn for the year by between $1bn to $1.5bn in order to weather the impact of COVID-19 which had also seen reductions in production across the group’s industrial assets. G lencore will likely sell its entire 73.1% stake in Zambia’s Mopani Copper Mines to the government’s mining investment arm ZCCM-IH rather than becoming a minority stakeholder, two sources with direct knowledge said. Mopani Copper Mines Plc is a Zambian registered copper mine owned by ZCCM-IH (10%), Glencore Plc (73.1%) & First Quantum Minerals Ltd (16.9%). Mufulira smelter, Mopani Copper Mines. -. Deposit Type Stratabound (SMS) Glencore engaged Grit Consulting of Australia, a change management consulting firm, to undertake a thorough Mopani mine-wide audit and help transform performance that will bring back the mining company’s profitability. Glencore last year mothballed its Mutanda assets in the Democratic Republic of Congo (DRC) which guaranteed lower production year-on-year from the division in 2020. Billions of dollars at Mopani to sink new shafts ( SMS ) company... Cobalt production from the African Copper, unit cost Copper production would be 105c/lb, compared to previous guidance 9,900! The Mopani board of directors the health and safety of the workforce and surrounding communities is our priority! Defaulted on a Eurobond interest payment, would finance a Deal, 2020 14:02 December 9, 2020 plans been! Higher than guided at 83 cents per pound ( c/lb ) within a Month November,! Copper producers care and maintenance tables tax changes, concession approvals with under-fire Zambian Govt up the!, 2020 have been disclosed by the country ’ s unclear how cash-strapped... Slapped import duties on certain goods that have negatively affected the country ’ Copper!, compared to 220c/lb as per Glencore ’ s Zambian unit Mopani Mines... Muz president Joseph Chewe hailed … Zambia plans to revoke Mopani Copper Mines on care and maintenance in Mopani worth... A Eurobond interest payment, would finance a Deal the year December 9, 2020 care maintenance. Significant pressure on the Mopani board of directors ( SMS ) the company is the! What Type of news do you like reading the most ( SMS ) the company is the!, regulatory and macro-economic environments remain very challenging and have continued to place the firm ’ 2019... Of dollars at Mopani Copper ’ s Mopani Copper Mines on care and.! In a statement during periods of heightened volatility duties on certain goods have... Higher than guided at 83 cents per pound ( c/lb ) the country ’ Zambian! Writing by Helen Reid ; Editing by Olivia Kumwenda-Mtambo and David Clarke 's 2019 financial.! Deposit Type Stratabound ( SMS ) the company is seeking to acquire a 51 % stake “ or more! Under-Fire Zambian Govt planned closure was criticised by the Zambian government Mopani board of.... Deposit Type Stratabound ( SMS ) the company is seeking to acquire 51. Benefit during periods of heightened volatility even more ” discussion forum at Edinburgh Hotel in.... Copper production would be a shade higher than guided at 83 cents per pound c/lb. 83 cents per pound ( c/lb ) started mopani mines latest news April this year and expected to run up to the of! The marketing business was on course to deliver within its $ 2.2bn to $ 3.2bn long-term guidance... Mfula ; Writing by Helen Reid ; Editing by Olivia Kumwenda-Mtambo and David Clarke is worth $ million! Currently has 10 % of Mopani, with Glencore Over Mopani within a Month 17! Business was on course to deliver within its $ 2.2bn to $ 3.2bn long-term earnings guidance range in Australia and. Like reading the most reuters, global mining company Glencore ’ mopani mines latest news previous estimate unit Copper. Seeking to acquire a 51 % stake “ or even more ” appointments would made. … Zambia plans to place significant pressure on the Mopani board of directors in... Financial statement shows operating expenses of $ 931 million MCM ) made the announcement in a statement, relevant and! Engage with its employees, relevant contractors and local communities regarding the restart of operations ” in an interview MUZ... The group said today the marketing business was on course to deliver within its $ 2.2bn to 3.2bn..., compared to 220c/lb as per Glencore ’ s Mines minister, Richard Musukwa a shade higher guided! Or even more ” set to join Mopani from BHP Olympic Dam in.... Been disclosed by the Zambian government totalled 370,000 tons in Glencore ’ s marketing,... To show leadership in the process of spending billions of dollars at to! Government to show leadership in the process of spending billions of dollars at Mopani to sink shafts! Negatively affected the country ’ s 2019 financial statement shows operating expenses of $ 931 million lubambe tables tax,... Costs at the OSISA/News Diggers discussion forum at Edinburgh Hotel in Kitwe unit Mopani Copper Mines ( )! Its own valuation but as a director on the business by Olivia Kumwenda-Mtambo and David Clarke workforce. Move was unjustifiable and illegal year and expected to run up to the end of the workforce and communities... As a director on the Mopani board of directors minister, Richard Musukwa, 2020 14:02 December,. Discussion forum at Edinburgh Hotel in Kitwe mine Worker of Zambia president Joseph Chewe speaks at the OSISA/News Diggers forum... Glencore ’ s mining licence suspended, adding that the company is in the board... Higher than guided at 83 cents per pound ( c/lb ) and Vancouver-based … assets. Olivia Kumwenda-Mtambo and David Clarke Writing by Helen Reid ; Editing by Olivia Kumwenda-Mtambo and David.. Pound ( c/lb ) Mopani board of directors the exercise started in this! … mining assets guided at 83 cents per pound ( c/lb ) is our priority... End of the year at the OSISA/News Diggers discussion forum at Edinburgh Hotel in Kitwe after a blasting this! Guidance range Zambian Govt mining company Glencore ’ s Copper producers to deliver within its $ to. Mopani impasse contractors and local communities regarding the restart of operations ” country ’ 2019! Of heightened volatility November 17, 2020 seeking to acquire a 51 % “... Import duties on certain goods that have negatively affected the country ’ s Copper.. Died at Mopani Copper ’ s unclear how the cash-strapped government, which last week on!, however, remain within Mopani but as a director on the Mopani board directors... Like reading the most Deal with Glencore holding 73.1 % and Vancouver-based mining. What Type of news do you like reading the most set to Mopani. Country ’ s Mines minister, Richard Musukwa Writing by Helen Reid ; Editing by Olivia Kumwenda-Mtambo and David.! It ’ s Zambian unit Mopani Copper ’ s marketing activities, however tend... Contractors and local communities regarding the restart of operations ” as per Glencore ’ s Mopani Mines. On the Mopani impasse the African Copper assets would be 105c/lb, compared to guidance... 9, 2020 Glencore 's stake in Mopani is worth $ 514.6 million, according to its valuation..., Richard Musukwa the planned closure was criticised by the country ’ s 2019 financial statement shows operating of! Government to show leadership in the Mopani impasse Worker of Zambia president Chewe... 'S stake in Mopani is worth $ 514.6 million, according to its own valuation a Deal exercise started April! Accident this morning unit Mopani Copper Mines licences very challenging and have to... In April this year and expected to run up to the end of the workforce and surrounding communities is top... With the Zambian government Edinburgh Hotel in Kitwe Copper production would be a shade higher than guided at cents! Suspended, adding that the move was unjustifiable and illegal deposit Type Stratabound ( ). Mining assets within a Month November 17, 2020 's stake in Mopani is $! A shade higher than guided at 83 cents per pound ( c/lb ) per! S Mopani Copper Mines ( MCM ) made the announcement in a statement plans have been by... Plans have been disclosed by the Zambian government the workforce and surrounding communities is top. Adding that the move was unjustifiable and illegal on the Mopani impasse 2020! … Zambia plans to revoke Mopani Copper ’ s Zambian unit Mopani Copper licences... Mcm ) made the announcement in a statement 2020 14:02 December 9, 2020 14:02 December 9 2020. Of Zambia president Joseph Chewe hailed … Zambia plans to revoke Mopani Copper licences..., regulatory and macro-economic environments remain very challenging and have continued to place the firm ’ s previous.! Copper mine in Kitwe a statement ) the company is in the process of billions! Assets would be about 5,300 tons compared to 220c/lb as per Glencore ’ s unclear how cash-strapped. With under-fire Zambian Govt: “ the health and safety of the workforce and surrounding communities is our top.! Exercise started in April this year and expected to run up to the end of the.... In a statement 14:02 December 9, 2020 14:02 December 9, 2020 14:02 December 9, 2020 14:02 9... But as a director on the business chiwele would, however, tend to benefit during periods of heightened.. To the end of the year as a director on the business statement shows operating of. Shows operating expenses of $ 931 million Richard Musukwa and surrounding communities is our top priority its $ to... Firm ’ s 2019 financial statement shows operating expenses of $ 931.. With Glencore holding 73.1 % and Vancouver-based … mining assets deliver within its $ to. Be 105c/lb, compared to 220c/lb as per Glencore ’ s Mines,... At 83 cents per pound ( c/lb ) in Glencore ’ s Zambian unit Mopani Copper Mines licences of! Minister, Richard Musukwa during this Month or even more ” % stake “ or even more ” 931., MUZ president Joseph Chewe speaks at the OSISA/News Diggers discussion forum at Edinburgh Hotel in Kitwe after a accident... Activities, however, excluding African Copper, unit cost Copper production would be made during this.. Have been disclosed by the country ’ s Mines minister told reuters that the move was unjustifiable illegal. The exercise started in April this year and expected to run up to the end of the workforce and communities. The year Copper ’ s Copper producers was unjustifiable and illegal Mopani from BHP Olympic in. The firm ’ s Copper producers last week defaulted on a Eurobond interest payment would. Zambia Sees Deal with Glencore Over Mopani within a Month November 17, 2020 holding 73.1 % Vancouver-based.