But it’s unclear how the cash-strapped government, which last week defaulted on a Eurobond interest payment, would finance a deal. ZCCM-IH currently has 10% of Mopani, with Glencore holding 73.1% and Vancouver-based … 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. The planned closure was criticised by the Zambian government. “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. Mines minister, Richard Musukwa threatened to have Mopani Copper’s mining licence suspended, adding that the move was unjustifiable and illegal. Zambia wants to raise its holding after clashing with Glencore earlier this year over the company’s plan to mothball Mopani’s operations. Unit costs at the African Copper assets would be a shade higher than guided at 83 cents per pound (c/lb). Mopani's 2019 financial statement shows operating expenses of $931 million. 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 company is in the process of spending billions of dollars at Mopani to sink new shafts. The group said today the marketing business was on course to deliver within its $2.2bn to $3.2bn long-term earnings guidance range. 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. 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. 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. 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. Production from the African Copper division totalled 370,000 tons in Glencore’s 2019 financial year. May 3, 2020. During this notice period, it would discuss “potential solutions to its current challenges” following “constructive discussions” with … -. But government through the Minister of Mines Richard Musukwa has objected to the move by the mining company, daring the Glencore-owned mining giant … Would love your thoughts, please comment. 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 . 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. Zambia Sees Deal With Glencore Over Mopani Within a Month November 17, 2020 14:02 December 9, 2020. Lubambe tables tax changes, concession approvals with under-fire Zambian Govt. “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. 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. Two miners have died at Mopani Copper mine in Kitwe after a blasting accident this morning. Glencore’s marketing activities, however, tend to benefit during periods of heightened volatility. 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. GLENCORE was in discussions with the Zambian government regarding plans to place the firm’s Mopani Copper Mines on care and maintenance. Disclaimer: The views expressed in this article are those of the author and may not reflect those of … Plot No. The exercise started in April this year and expected to run up to the end of the year. 8 months ago editor ... Mopani copper mines was last week placed under care and maintenance by its parent company Glencore despite government’s intervention and in the process sending over 15000 workers under direct employment and under several contractors on forced leave. 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. De-Zambianisation at Zambian mines continues afoot. Once fully up and running, the mines should produce about 140,000 tons of copper a … What type of news do you like reading the most? Mopani allegedly did not give sufficient notice to the government before the mines … April 14, 2020. By. This is ridiculous. Glencore said in an update on April 30 that production from its African Copper assets would be about 280,000 tons for the year compared to previous guidance of 325,000 tons – a decline of about 14%. The Diggers Correspondent is a versatile writer. Total group copper production was expected to be 1.26 million tons (Mt) for the 2020 financial year down from previous guidance of 1.3Mt and production in 2019 of 1.37Mt. Chiwele would, however, remain within Mopani but as a director on the Mopani board of directors. As part of the transformation exercise, Glencore scrapped positions of chief officers in strategic departments and appointed general managers in the ongoing restructuring programme. 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's stake in Mopani is worth $514.6 million, according to its own valuation. 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. By. 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. Glencore said that the onset of the COVID-19 virus, and subsequent decline in the copper price, had created one too many problems for Mopani to sustain. 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. 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. 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. Deposit Type Stratabound (SMS) Mopani Copper Mines, which produced 119,000 tonnes of copper in 2018, is 73.1% owned by Glencore, 16.9% by First Quantum Minerals and 10% by Zambia’s mining investment arm ZCCM-IH. Zambia has slapped import duties on certain goods that have negatively affected the country’s copper producers. 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. 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. ... Latest News. 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. During this notice period, it would discuss “potential solutions to its current challenges” following “constructive discussions” with the Zambian government, the company said. 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. Mopani will engage with its employees, relevant contractors and local communities regarding the restart of operations”. Zambia’s mining investment company ZCCM-IH is looking to buy a controlling stake in Mopani Copper Mines, a subsidiary of Glencore. The stake acquisition plans have been disclosed by the country’s mines minister Richard Musukwa. 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. 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. 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”. Glencore puts entire stake in Mopani on the table in talks with Zambia. The sources explained that more appointments would be made during this month. -. 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. Mopani Copper. Mufulira smelter, Mopani Copper Mines. Mines Minister Richard Musukwa said at a briefing this morning that Mopani’s majority shareholder, Glencore, had informed him of the decision via a video conference that the decision was caused by falling copper prices and disruptions in international mobility. Highly-placed sources close to Glencore and Grit Consulting said Chiwele, whose substantive position was chief financial officer, will hand over the position to the incoming chief executive officer Nathan Bullock, an Australian national, who had been appointed by Glencore. In an interview, MUZ president Joseph Chewe hailed … Mopani Mine to lay off 600 workers Over 600 Mopani Copper Mines employees will be laid off next month following the announcement by the mining company to cease operations at Mindola North Shaft and Central Shaft. Last April, MCM announced resumption of operations at two of its projects following an investigation into the deaths of five workers earlier last year. However, excluding African Copper, unit cost copper production would be 105c/lb, compared to 220c/lb as per Glencore’s previous estimate. Mopani Copper Mines acting Chief Executive Officer Charles Sakanya said “Since the last update in which we announced that the company had recorded 7 positive cases of COVID-19, a … Mine Worker of Zambia president Joseph Chewe speaks at the OSISA/News Diggers discussion forum at Edinburgh Hotel in Kitwe. 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