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Zambia set to negotiate bigger stakes in new mining projects

Zambia set to negotiate bigger stakes in new mining projects

ZAMBIA is keen to negotiate larger holdings in new mining projects to raise its revenue and boost spending by investors on social projects, mines minister Paul Kabuswe said. The push by Lusaka through state-owned ZCCM-IH would apply to future agreements, but does not include existing mines and should not unnerve investors, Kabuswe told Reuters. Zambia is Africa's second-largest copper producer after the neighbouring Democratic Republic of Congo. ZCCM has interests of 10% to 20% in mines including those owned by Barrick Gold, Vedanta Resources and First Quantum Minerals. ZCCM sold a 51% stake in Mopani Copper Mines to a unit of…
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Billionaire-owned Vedanta seals Zambian copper assets deal

Billionaire-owned Vedanta seals Zambian copper assets deal

VEDANTA Resources and the Zambian government sealed an agreement that restores the Indian company's ownership of Konkola Copper Mines (KCM), ending a protracted ownership battle that stifled investment. Zambia's Mines Minister Paul Kabuswe witnessed the signing of the agreement between state firm ZCCM-IH with Chris Griffith, Vedanta's head of base metals, in Lusaka, officially handing the copper assets, which the state seized in 2019, back to Vedanta. The agreement will lead to the re-appointment of the KCM board and withdrawal of all legal challenges that are in court, including removing a provisional liquidator who was in charge of the assets, Kabuswe…
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