Bullock was released by the police, who on Friday camped outside his Kitwe residence “merely for his safety,” according to Richard Musukwa, the mines minister. We mine for copper in Zambia through our majority shareholding in Mopani Copper Mines – situated in the north of the country near the city of Kitwe, in the African Copperbelt. Impacted unionised contractor employees would receive an ex gratia payment. 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%). 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. So far the program is working at Katanga, its best asset, but the closure of Mopani is a setback. Gradually its rivals have quit the region to be replaced by Chinese companies. Mopani Copper Mine – Image courtesy of ZCCM Investment Holdings. 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. In the circumstances, and following consultation with its majority shareholder and funder, Mopani said it could no longer continue operating its mining operations and would transition them to care and maintenance with effect from 8 April. Glencore is one of the last major western miners to control copper and cobalt operations in Congo and Zambia. A year ago, the government placed the local unit of Vedanta Resources Plc in provisional liquidation, accusing the company of lying about expansion plans and cheating on taxes. The announcement, the company said, followed a number of meetings with Zambian government Ministries to provide an update of its comprehensive operational review. Glencore will reverse its earlier decision to shut its Zambia subsidiary Mopani Copper Mines if it reaches an agreement with the Zambian government, the company said on Monday. 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? The mines have been troublesome for Glencore, but … 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. The accident was confirmed by Mopani public relations manager Nerbert Mulenga, who said that the incident occurred … Concentrate and other copper bearing feed materials (e.g. We'll assume you're ok with this, but you can opt-out if you wish. Chinese companies including Jiangxi Copper Co. have shown a growing interest in Zambia’s copper industry. SANDVIK ZAMBIA STEPS UP TO ASSIST IN COVID-19 RELIEF EFFORTS, Sandvik Mining and Rock Technology believes that as a responsible and engaged global corporate citizen, it is critically important to contribute to and have a positive influence in the… Readmore, Tender for Construction of a Gold Processing Plant at Kasenseli Gold Mine, Mwinilunga, Zambia, Tender for the Construction of a Processing Plant at Kasenseli Mine in Mwinilunga District…. The Democratic Republic of the Congo produced 11,788 kg of raw gold in the first half of 2020 (excluding May), according to statistics from the Central Bank of Congo. Zambia, heavily dependent on copper revenues, is on the brink of a debt crisis. I worked at Mufulira Copper Mine from 1968 to 1982 with breaks working in London working for Seltrust Engineering and at the Sarchesmeh Copper mine in Iran. Yet the company unveiled a turnaround plan last year that would see the assets generate an annual profit of more than $1.5 billion. Mopani said that it believed that the transition to care and maintenance would help to protect the company’s value and preserve the option to deliver growth projects when market conditions improve. 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. 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. “Zambia can talk up confiscating licenses, but no one is going to step in and buy it,” said Ben Davis, an analyst at Liberum Capital Markets. As the world moves toward an era of electric vehicles, China is gaining increasing dominance over the supply chain. 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. Assets; includes a concentrator, a refinery and a smelter; and produces 35,000 tonnes of contained copper in ore each year through the process of open stoping. It is mandatory to procure user consent prior to running these cookies on your website. 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. Mufulira and Nkana mines. Mulenga declined to disclose the size of the stake that state-owned ZCCM Investments Holdings is trying to acquire. Fifty years ago, Zambia’s first post-independence leader, Kenneth Kaunda, nationalized mines owned by Anglo American Plc and Roan Selection Trust to rally his political supporters. Mopani, which Glencore valued at $1.7 billion in December -- when copper prices were much higher -- has a smelter as well as mines. It’s not the first time Zambia has taken a tough line with the companies that exploit its mineral wealth. Over the whole of 2019, the Democratic Republic of the Congo had produced 34,657 kg of gold against 36,777 kg in 2018. [email protected] Copper mining company Mopani Copper Mines plc said on Tuesday that it had placed its mining operations on care and maintenance and a number of projects on hold. Glencore has faced repeated problems with its African operations, struggling to make them profitable. Copper mining company Mopani Copper Mines plc said on Tuesday that it had placed its mining operations on care and maintenance and a number of projects on hold. – ECL Mall, Freedom Av, Kitwe, Zambia, © 2020, Copperbelt Katanga Mining. Mopani, owned 73.1% by Glencore, is an integrated copper producer located in the Copperbelt of central Zambia. Mopani devised a strategy to revitalise the control activities, face the malaria challenge head-on, and gradually stamp out the disease. 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, Chinaâs Bottled Water King Is Now Richer Than Warren Buffett, Treasury Yields Reach 1%; Nasdaq Futures Tumble: Markets Wrap. The PF government last evening detained Mopani Copper Mine CEO as he tried to leave the country . Mopani Copper Mine is an integrated copper and cobalt producer located in the Copperbelt of Zambia. 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. Updates with Glencore comment in the second paragraph under ‘Tough Line’ subheadline. Carlisa Investments Corporation is jointly owned by Glencore Plc (81%) and First Quantum Minerals Ltd (19%). A Glencore spokesman declined to comment. The company’s success has been as a result of its focused approach to improvement and the mutually beneficial relationship enjoyed with its stakeholders – an … Zambia expects to conclude talks over buying Glencore Plc’s stake in Mopani copper mines … Zambia responded with fury, detaining Bullock, chief executive of Glencore’s local unit. 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 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. Necessary cookies are absolutely essential for the website to function properly. The mines have been troublesome for Glencore, but that hasn’t stopped the company from spending billions of dollars on sinking new shafts to try and almost triple copper production, to about 140,000 tons a year. Regarding the smelter and refinery, material on site would continue to be processed until further notice. There are also wider implications. Last year, it bought a near-20% stake in First Quantum Minerals Ltd., the nation’s biggest producer. Zambia isn’t alone in pursuing resource nationalism. Mining Licensing Committee secretary Michael Chibonga sent a notice dated 14 April to Mopani chief executive Nathan Bullock. 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. “As of now, we are discussing a potential sale of their stake in Mopani,” said one of the sources. Mopani Copper Mine has given K 1.7 Million to small scale miners who were scavenging for minerals at the South Ore Body SOB sinkhole in Wusakile Constituency of Kitwe District that was buried by the mining giant on safety reasons.. Mopani Copper Mine Chief Executive Officer Charles Sakanya said the money is aimed at empowering the small scale miners to invest in other business activities … “They would also jeopardize Zambia’s broader economic stability.”. “Except maybe the Chinese.”, Zambia opposes Glencoreâs move to mothball copper mine shafts, Southern African nation is dependent on copper revenues. These small-scale farmers were caught hunting for minerals in South Ore Body sinkhole in Wusakile consistency that had been buried for safety reasons. Mopani Copper Mines Plc is a Zambian registered copper mining company owned by Carlisa Investments Corporation (90%) and ZCCM-IH (10%). Musukwa, who made the comments at a press briefing in Kitwe that was broadcast on local radio, asked for questions to be sent by text message, which he didn’t immediately respond to. Effective shareholding in Mopani by Glencore and FQM is, therefore, 73.1% and 16.9%, respectively. He had only been in the country since October, when he took over the Mopani unit. In a bid to empower small-scale miners, Mopani Copper Mine has given a sum of K1.7 million to small-scale miners. These cookies do not store any personal information. Mopani Copper Mines Plc has laid off a total of 131 employees, including 15 expatriates, who were made redundant as a result of the closure of the Central and North Shafts. The Synclinorium shaft at the Mopani copper mine in Kitwe, Zambia. During the care-and-maintenance period, Mopani said it would look to continue to maintain its commitments to the national workforce and host communities. Now, the often-populist President Edgar Lungu may try to shore up support in the politically crucial Copperbelt province by fighting to keep Mopani operating. 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. DW2 was Abraham Mulenga a Mine Captain based at the Central Shaft of Mopani Copper Mines Plc. In a press statement to Mining Weekly, the company said that the “very challenging” operating, regulatory and macroeconomic environments had placed significant pressure on the business. How have you contributed to Zambia's economy? The health and safety of the workforce and surrounding communities were the company’s top priority. “Already under pressure, the mine closures would undermine President Edgar Lungu ahead of internal party elections and the 2021 national elections,” Eurasia Group analyst Connor Vasey wrote in a note. He testified that on 30 th September, 2007, whilst on duty, he received a report from Barnabas Bwalya (DW1) that a diesel loader had hit into the steel arch setts at 3360 level 1600 position. “Who will invest in a country where assets can be seized, or contracts are irrelevant?”. +260 760 689669 (Zambia), – Quartier Industriel 2, Lubumbashi, DRC For Glencore, it’s the latest headache at its African copper and cobalt assets. In neighboring Tanzania, President John Magufuli has spearheaded an aggressive drive targeting gold-mining companies, while Congo upset miners operating there by redrawing the mining code. 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. The company said that employees and their dependants would continue to receive healthcare and that it would remain committed to its corporate social responsibility projects. According to ZCCM-IH first cautionary announcement issued on September 4, 2020, the holding company has commenced discussions with Glencore Finance (Bermuda) Limited regarding the future of Mopani Copper Mines Plc. Mopani Copper Mines PLC, a joint venture company comprising major shareholders Glencore, First Quantum Minerals Ltd and ZCCM Investment Holdings, owns operations in Mufulira and Nkana on the Copperbelt in Zambia. 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. 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. Mopani operates the Mufulira mine, smelter, concentrator and copper refinery and the Nkana mine, concentrator and cobalt plant. Before it's here, it's on the Bloomberg Terminal. There was an error while trying to send your request. 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%). Minority shareholders are spread throughout the world, in various locations. These cookies will be stored in your browser only with your consent. You have successfully subscribed to the newsletter. 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. Through enhanced safety standards and ongoing investment in the operations, Mopani is committed to transforming into a world-class mining … Zambia said Glencore didn’t follow the proper legal procedures and threatened to cancel its mining licenses. The copper is then taken to the concentrator. Ivanhoe Mines (TSX: IVN; OTCQX: IVPAF) Co-Chairs Robert Friedland and …, The price of gold exceeded $ 2,000 this year for …, U.S. President Donald Trump’s outgoing administration plans to approve a …. 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Take ownership for driving your own career development by participating in ongoing training and development activities such as conferences, workshops, etc. Presently the Mufulira Mine employs about 5,000 people directly. Glencore Finance is the major shareholder of Carlisa Investments Corporation, which in-turn, is the majority shareholder of Mopani. The production quantity that would be lost due to the suspension was not clear, Reuters reported. (Kitco News) - Glencore has been locked in a bitter dispute with the other owners of the mine its plan to mothball Mopani’s operations. 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%). Based in the towns of Kitwe and Mufulira, the operation includes six mine shaft complexes, two concentrator plants, a smelter and a refinery. Mopani Copper Mines PLC ("Mopani")is a Zambianregistered company owned by Carlisa Investments Corporation (a joint venture company comprising Glencore International AG(73.1%) and First Quantum Minerals Ltd (16.9%)) and ZCCM-IH (10%). Search all the latest Mopani jobs in limpopo. | Designed by Arnold's Designs. The shaft, which when completed by … Copper production, which generates about 70% of the country’s export earnings, dropped to the lowest since 2015 last year. You also have the option to opt-out of these cookies. This website uses cookies to improve your experience while you navigate through the website. All rights reserved. ZCCM-IH currently has 10% of Mopani, with Glencore holding 73.1% and Vancouver … MCM … Mopani would work with the local authorities and community leaders on how best it could continue to support its partners in light of the government decrees relating to minimising the spread of Covid-19. (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. Have a confidential tip for our reporters? We have invested more than $1 billion in the Mopani mine since 2014 – extending its life by a further 25 to 30 years. ZCCM-IH still has a 10% shareholding and First Quantum Minerals a 16.9% shareholding. Police later camped outside his home. 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. Prices rose from USD0.75 per pound to USD1.00 per pound during 2003 and then soared to USD3.96 per pound by April 2008. The Mopani mines are on the outskirts of Kitwe, a city about 180 miles north of Zambia’s capital, Lusaka. Glencore said Nathan Bullock, the chief executive of Mopani Copper Mines, had been held at Lusaka airport in connection with its decision to shutter the business for three months. Bullock is at the center of a rapidly deteriorating row between the southern African nation’s government and Glencore Plc, the world’s biggest commodity trader. 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. JOHANNESBURG (miningweekly.com) – Copper mining company Mopani Copper Mines plc said on Tuesday that it had placed its mining operations on care and … We also use third-party cookies that help us analyze and understand how you use this website. 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. The belligerent approach has drawn criticism, including a letter this week from three former finance ministers and a central bank governor. +243 997 484546 (DRC) Glencore said it’s in talks with Zambia on the way forward. Mopani's operations consist of four underground mines, a concentrator and a cobalt plant in the town of Kitwe and an underground mine, concentrator, smelter and refinery in the town of Mufulira. But opting out of some of these cookies may have an effect on your browsing experience. Spanning the copper belt that stretches north into the Democratic Republic of Congo, the mines are supposed to be a major growth driver, but have been beset by problems. Please try again. The International Monetary Fund forecasts Zambia’s economy will contract by 3.5% this year, the worst performance in about two and a half decades. “Nathan has subsequently been released,” Glencore said in a statement, adding that Mr Bullock had been on his … This measure would be over and above what was required by contractual agreements. This category only includes cookies that ensures basic functionalities and security features of the website. Mulenga declined to disclose the size of the stake that state-owned ZCCM Investments Holdings is trying to acquire. Located in Zambia, Mopani Copper Mines is an integrated copper operation on the Copperbelt. Mopani, owned 73.1% by Glencore, is an integrated copper producer located in the Copperbelt of central Zambia. The stakes are high for both parties. 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. 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. The conflict flared last week when Glencore said it was temporarily closing its giant Mopani mines as they hemorrhaged cash following a collapse in the copper price. copper oxides) are also obtained from surrounding operations in Zambia and the Democratic Republic of the Congo (DRC). The Mopani mines are on the outskirts of Kitwe, a city about 180 miles north of Zambia’s capital, Lusaka. 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 mine’s lifespan. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. ‘’The money is aimed at empowering small-scale miners to be able to invest in other businesses as the sinkhole has been … Copperbelt Katanga Mining will use the information you provide on this form to be in touch with you and to provide updates and marketing. “There is a growing image of Zambia as the ‘wild west’ where the application of the law and work of statutory bodies is arbitrary and political,” they wrote. On the way forward Mopani by Glencore and FQM is, therefore, 73.1 % by Glencore Plc 81. Had been buried for safety reasons he had only been in the Copperbelt of Zambia! And a central bank governor updates and marketing to Mopani chief executive Nathan Bullock tough line subheadline. Its mining licenses the last major western miners to control copper and cobalt assets is jointly owned Glencore! 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