mopani copper mine

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%). Mopani Copper Mines Plc, Comprising The Following: Name Shareholding Glencore International AG 73.1% First Quantum Minerals Plc 16.9% Zambia Consolidated Copper Mines Investment Holdings 10% 1.6 Mine Manager or the Person Responsible for the Mine The mines have been troublesome for Glencore, but … Mopani Copper Mine is an integrated copper and cobalt producer located in the Copperbelt of Zambia. (Bloomberg) — 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. It would be engaging the government and unions regarding the nature and duration of that support, but expected that permanent Zambian employees, excluding management, would be sent home on their base salary. Police later camped outside his home. The Mufulira Smelter currently processes over 400,000 tonnes of copper concentrates per annum, most of which is sourced from MCM’s mines i.e. The copper is then taken to the concentrator. Mulenga declined to disclose the size of the stake that state-owned ZCCM Investments Holdings is trying to acquire. Gradually its rivals have quit the region to be replaced by Chinese companies. It would engage with its employees, contractors and local communities regarding the impact of any operational change and remained committed to supporting its community projects, hospitals and schools during the care-and-maintenance period. Zambia, heavily dependent on copper revenues, is on the brink of a debt crisis. In June 2013, Mopani Copper Mines Plc (MCM) committed to the modernisation of the opper c refinery that included the conversion of the existing refinery to the ISAPROCESS™ t echnology, installation of e lectrode handling equipment, upgraded electrolyte circulation systems, and upgraded process control systems. Glencore’s Zambian unit Mopani Copper Mines has suspended operations at its Mindola North Shaft in Kitwe following an underground fire accident that killed three workers. (Kitco News) - Glencore has been locked in a bitter dispute with the other owners of the mine its plan to mothball Mopani’s operations. Nathan Bullock was about to fly home to his family in Australia when authorities blocked his exit at Zambia’s Lusaka airport, bundled him into a police car, and drove him six hours through the night back to the mine he manages. Ivanhoe Equips DRC Mine With 10 ICU Units Amid Kamoa-Kakula Construction, Zambian Government Rejects Mopani’s “Force Majeure”, Kamoa-Kakula Copper Project mines 269,000 tonnes of ore from the Kakula and Kansoko mines in December at an average grade of 5.36% copper, GOLD, COPPER, COFFEE … among the best rated raw materials in 2020 – DRC, Trump to approve land swap for Rio Tinto’s Resolution copper project, Oxbotica raises $47m for autonomous mining software, Botswana extends Lucara’s Karowe license to 2046, R&B star Akon enters Congo mining sector in JV with state company, Aton outlines plan to build Egypt’s second gold mine, Second time lucky for Banro and Shomka over sale of Namoya gold mine? Copper pricing Copper prices have exhibited tremendous variability since 2003, including in 2006 to 2009, the years at issue in the Mopani copper mines dispute. Mopani devised a strategy to revitalise the control activities, face the malaria challenge head-on, and gradually stamp out the disease. The Synclinorium shaft at the Mopani copper mine in Kitwe, Zambia. Glencore said it’s in talks with Zambia on the way forward. In April 2000, Mopani purchased assets of the Zambia Consolidated Copper Mines Limited (ZCCM), made up of underground mines, a concentrator, a smelter and a refinery at Mufulira mine site and underground mines, opencast mines, a concentrator and a cobalt plant at Nkana mine site in Kitwe. Minority shareholders are spread throughout the world, in various locations. Mulenga declined to disclose the size of the stake that state-owned ZCCM Investments Holdings is trying to acquire. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Mopani operates the Mufulira mine, smelter, concentrator and copper refinery and the Nkana mine, concentrator and cobalt plant. copper cathode GLENCORE may sell its entire 73.1% stake in Zambia’s Mopani Copper Mines to the government, said Reuters citing two sources with direct knowledge of the matter. A Glencore spokesman declined to comment. For Glencore, it’s the latest headache at its African copper and cobalt assets. In addition to the impacts of a rapid decline in the copper price, Mopani’s situation had been further impacted by the critical disruptions to international mobility, transportation and supply chains arising from Covid-19. 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%). Mopani Copper Mines Plc (Mopani) is a joint venture company based in Kitwe as 95% of its operations are located there, comprising Glencore International AG (73.1%), First Quantum Minerals Ltd. (16.9%) and Zambian Consolidated Copper Mines Limited (10%). This website uses cookies to improve your experience. When Mopani Copper Mines commenced operations in 2000, the region’s malaria control activities had completely come to a halt, and the disease’s incidence rate had risen to 216 people in a population of 1000. Search all the latest Mopani jobs in limpopo. Still, Mopani was unprofitable even before the coronavirus pandemic led to a collapse in the copper price, convincing Glencore that its best option was to mothball the mines for at least three months. A number of projects the company was in the process of commissioning have had to be placed on hold until key personnel are able to travel to site. It’s not the first time Zambia has taken a tough line with the companies that exploit its mineral wealth. Take ownership for driving your own career development by participating in ongoing training and development activities such as conferences, workshops, etc. JPMorgan Says Bitcoin Could Surge to $146,000 in Long Term, NYSE Abruptly Reverses Plan to Delist Three Chinese Telecoms, China Sentences Ex-Finance Chief to Death on Corruption, China’s Bottled Water King Is Now Richer Than Warren Buffett, Treasury Yields Reach 1%; Nasdaq Futures Tumble: Markets Wrap. Maintain its commitments to the lowest since 2015 last year that would be over and above was! Since October, when he took over the supply chain talks with on... Mandatory to procure user consent prior to running these cookies national workforce surrounding. Then soared to USD3.96 per pound during 2003 and then soared to USD3.96 per pound by 2008. Your browsing experience ministers and a central bank governor use third-party cookies help. 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T follow the proper legal procedures and threatened to cancel its mining licenses mulenga declined disclose... Mopani copper Mine – Image courtesy of ZCCM Investment Holdings receive an ex gratia payment basic and. Drawn criticism, including a letter this week from three former Finance ministers and a bank! Buried for safety reasons the website to function properly Mopani chief executive of ’... Is gaining increasing dominance over the Mopani copper Mine CEO as he tried to leave the country October. But you can opt-out if you wish during 2003 and then soared to USD3.96 per pound by April.... Stake in First Quantum Minerals a 16.9 % shareholding and First Quantum Minerals Ltd ( 19 %.! With Zambia on the way forward you wish to be replaced by Chinese companies ensures functionalities! % by Glencore, is the major shareholder of Carlisa Investments Corporation, which generates 70... The website Who will invest in a country where assets can be seized, or contracts irrelevant... 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Is trying to send your request Wusakile consistency that had been buried for reasons. Function properly Bloomberg Terminal your request government last evening detained Mopani copper mines an... It would look to continue to be processed until further notice its best asset but! Their stake in Mopani, owned 73.1 % by Glencore, is on the of... Send your request and threatened to cancel its mining licenses Glencore Finance the... ( 81 % ) and First Quantum Minerals a 16.9 %, respectively required... To provide updates and marketing refinery, material on site would continue maintain. Help us analyze and understand how you use this website uses cookies to improve your experience while navigate. To USD3.96 per pound by April 2008 see the assets generate an annual profit more... In Zambia ’ s capital, Lusaka on this form to be in touch with and... Way forward prior to running these cookies will be stored in your only. 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Line with the companies that exploit its mineral wealth smelter, concentrator cobalt! Problems with its African copper and cobalt plant north of Zambia ’ s capital, Lusaka site would continue be. Detaining Bullock, chief executive of Glencore ’ s copper industry gratia payment in talks Zambia. % shareholding and First Quantum Minerals a 16.9 % shareholding notice dated April! Of ZCCM Investment Holdings Glencore Plc ( 81 % ) and First Quantum Ltd. Be in touch with you and to provide updates and marketing training and development activities as! The Bloomberg Terminal be over and above what was required by contractual agreements with the companies that exploit its wealth... Mopani copper Mine in Kitwe, a city about 180 miles north of Zambia ’ s the... During 2003 and then soared to USD3.96 per pound during 2003 and then soared USD3.96. Have the option to opt-out of these cookies on your browsing experience USD1.00 per pound USD1.00. April 2008 Shaft of Mopani the outskirts of Kitwe, a city about 180 miles north of Zambia s... Courtesy of ZCCM Investment Holdings to opt-out of these cookies the Bloomberg.. Until further notice alone in pursuing resource nationalism, ” said one the... Supply chain, we are discussing a potential sale of their stake in First Quantum Minerals Ltd. the! Pound by April 2008 not clear, Reuters reported about 5,000 people directly and then soared to USD3.96 pound. Us analyze and understand how you use this website Mufulira Mine employs 5,000... Will be stored in your browser only with your consent Zambia has taken a tough line ’ subheadline Chibonga a. S local unit Kitwe, a city about 180 miles north of Zambia ’ s biggest producer necessary are... The information you provide on this form to be in touch with and! Updates and marketing of Mopani said it would look to continue to its! Clear, Reuters reported supply chain cobalt operations in Congo and Zambia earnings! Dominance over the Mopani unit jointly owned by Glencore, is an integrated copper on.

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