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Nov
08
2023
By The African Mirror
Billionaire-owned Vedanta seals Zambian copper assets deal

Billionaire-owned Vedanta seals Zambian copper assets deal

BUSINESS
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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Oct
11
2023
By FELIX NJINI
Zambia to decide on new Mopani Copper Mines investor in October

Zambia to decide on new Mopani Copper Mines investor in October

BUSINESS
THE Zambian government is expected to make a final decision on the sale of Mopani Copper Mines this month, securing a new investor for the assets it bought from Glencore in 2021, a source with knowledge of the matter told Reuters. Zambia's Mines Minister Paul Kabuswe had initially said a new investor for the copper mines, which are struggling to make a profit, would be selected by the end of July. The process has been delayed by complex negotiations, as it also involves Glencore, to which Mopani owes money, the source said. Glencore has previously said it will not comment on the sales process as…
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Sep
15
2021
By The African Mirror
Zambia says it will restore ‘sanity’ to rattled mining sector

Zambia says it will restore ‘sanity’ to rattled mining sector

BUSINESS
CHRIS MFULA ZAMBIA’S newly-appointed mines minister said on Tuesday that the government will ensure stability and predictability in the mining sector, seeking to allay fears of royalty hikes. Paul Kabuswe also said the government must root out corruption in mining, which is the engine of Zambia's economy. "We may not do everything in the coming budget but I can assure you that sanity will be brought back to the mining sector before 2026," Kabuswe said. Zambian bonds and the kwacha currency rallied after the election of businessman President Hichilema, who named Kabuswe mines minister last week. "We have to make…
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